B U L L E T I N

DECEMBER 2020

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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L

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E

T I N

The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

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inquire about any of the published information. Suggestions are welcome. 

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Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov 
December 2020

Table of Contents

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

Analysis—Summary of Economic Indicators........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS

Introduction—Federal Fiscal Operations............................................................................................................................... 9

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 10

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 13

FFO-B—Chart: Budget Receipts by Source........................................................................................................................ 13

FFO-1—Summary of Fiscal Operations.............................................................................................................................. 14

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 15

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 17

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency........................................................ 19

FFO-5—Internal Revenue Receipts by State....................................................................................................................... 20

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................. 24

FEDERAL DEBT

Introduction—Federal Debt................................................................................................................................................. 30

FD-1—Summary of Federal Debt ....................................................................................................................................... 31

FD-2—Debt Held by the Public .......................................................................................................................................... 32

FD-3—Government Account Series.................................................................................................................................... 33

FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 34

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by

Private Investors .................................................................................................................................................... 35

FD-6—Debt Subject to Statutory Limit............................................................................................................................... 36

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies................................... 37

FISCAL SERVICE OPERATIONS

Introduction—Bureau of the Fiscal Service Operations...................................................................................................... 39

TREASURY FINANCING ................................................................................................................................................. 39

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 55

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 56

OWNERSHIP OF FEDERAL SECURITIES

Introduction—Ownership of Federal Securities.................................................................................................................. 59

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 60

OFS-2—Estimated Ownership of U.S. Treasury Securities................................................................................................ 61

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 62

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 62

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals.......................... 63

INTERNATIONAL STATISTICS

FOREIGN CURRENCY POSITIONS
December 2020

IV

Table of Contents

Introduction—Foreign Currency Positions.......................................................................................................................... 67

SECTION I—Canadian Dollar Positions

FCP-I-1—Weekly Report of Major Market Participants..................................................................................................... 68

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 69

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 69

SECTION II—Japanese Yen Positions

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 70

FCP-II-2—Monthly Report of Major Market Participants.................................................................................................. 71

FCP-II-3—Quarterly Report of Large Market Participants................................................................................................. 71

SECTION III—Swiss Franc Positions

FCP-III-1—Weekly Report of Major Market Participants.................................................................................................. 72

FCP-III-2—Monthly Report of Major Market Participants................................................................................................. 73

FCP-III-3—Quarterly Report of Large Market Participants................................................................................................ 73

SECTION IV—Sterling Positions

FCP-IV-1—Weekly Report of Major Market Participants.................................................................................................. 74

FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 75

FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 75

SECTION V—U.S. Dollar Positions

FCP-V-1—Weekly Report of Major Market Participants................................................................................................... 76

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 77

FCP-V-3—Quarterly Report of Large Market Participants................................................................................................. 77

SECTION VI—Euro Positions

FCP-VI-1—Weekly Report of Major Market Participants.................................................................................................. 78

FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 79

FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 79

EXCHANGE STABILIZATION FUND

Introduction—Exchange Stabilization Fund........................................................................................................................ 80

ESF-1—Balance Sheet ........................................................................................................................................................ 81

ESF-2—Income and Expense.............................................................................................................................................. 82

SPECIAL REPORTS

TRUST FUNDS

Introduction—Highway Trust Fund .................................................................................................................................... 85

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 85

GLOSSARY ........................................................................................................................................................................ 87

ORDER FORM FOR TREASURY PUBLICATIONS............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding; 

n.a. = Not available.
V 

December 2020

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

 

Special Reports 

 

Financial Report of the United States Government excerpt ...................................... √ 

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

Airport and Airway Trust Fund ........................................................................ √ 

Black Lung Disability Trust Fund .................................................................... √ 

Harbor Maintenance Trust Fund ....................................................................... √ 

Hazardous Substance Superfund ....................................................................... √ 

Highway Trust Fund ......................................................................................... √ 

Inland Waterways Trust Fund ........................................................................... √ 

Leaking Underground Storage Tank Trust Fund .............................................. √ 

Nuclear Waste Fund .......................................................................................... √ 

Oil Spill Liability Trust Fund ........................................................................... √ 

Patient Centered Outcomes Research Trust Fund ............................................. √ 

Reforestation Trust Fund .................................................................................. √ 

Sport Fish Restoration and Boating Trust Fund ................................................ √ 

United States Victims of State Sponsored Terrorism Fund .............................. √ 

Uranium Enrichment Decontamination and Decommissioning Fund ............... √ 

Vaccine Injury Compensation Trust Fund ........................................................ √ 

Wool Research, Development, and Promotion Trust Fund ............................... √ 

 

 

 

O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation

December 2020

3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

As of November 19, 2020

Introduction

The United States was in an historically strong economic 

position before the SARS-CoV-2 pandemic. Real GDP rose 

2.3 percent in 2019 on a Q4/Q4 basis and was poised to 

maintain a solid pace of growth in 2020 until the pandemic. 

In January and February, nonfarm payroll employment rose 

an average of 232,500 per month, the unemployment rate 

hovered near the five-decade low of 3.5 percent, and the 

labor force participation rate reached a six-year high of 63.4 

percent. 

In March, however, the spread of SARS-CoV-2 resulted 

in state and local governments implementing various 

restrictions to mitigate the pandemic’s impact on health 

resources. These measures contributed to an historically 

sharp contraction: 22 million jobs were lost in March and 

April, and the unemployment rate peaked at 14.7 percent – a 

post-WWII high. Moreover, real GDP decreased 5.0 percent 

at an annual rate in the first quarter of 2020, sharpening to 

31.4 percent in the second quarter. Altogether, the U.S. 

economy contracted by nearly $2.0 trillion at an annual rate

in the first half of the year.

The U.S. government responded quickly to the economic 

shock with unprecedentedly bold policy to support American 

households and small businesses during the pandemic. Just 

two weeks after the first stay-at-home orders were issued, 

Congress authorized three record-setting economic aid 

packages totaling roughly $2.7 trillion. The Administration 

rapidly implemented the various measures, including 

Economic Impact Payments, expanded eligibility for 

unemployment insurance benefits, and the Paycheck 

Protection Program, which provided forgivable loans to 

small businesses to encourage employee retention. These

policies temporarily boosted household savings, reduced 

unemployment, and allowed small businesses to resume 

operations when their local economies re-opened.

Due to the government’s robust response and the 

relaxation of stay-at-home orders, the economy started to 

recover in May after just two months of contraction. By the 

end of October, 12.1 million jobs had been recovered and 

the unemployment rate had fallen by 7.8 percentage points 

to 6.9 percent. In addition, real GDP surged by 33.1 percent 

at an annual rate in 2020 Q3, or almost double the previous 

record pace set in 1950. Given this record-setting growth in 

Q3, the U.S. economy recovered in one quarter roughly 

66 percent of the cumulative loss in the first half of 2020.

Growth of Real GDP

 (Quarterly percent change at annual rate)

Economic Growth

The economy’s rebound in the third quarter was 

substantial as well as historic: real GDP growth of 33.1 

percent at an annual rate was the fastest quarterly pace in 

seventy years. This followed declines of 5.0 percent and 

31.4 percent in the first and second quarters, respectively –

declines that were directly related to the effects of the global 

pandemic as well as the social-distancing measures and 

mandated business closures implemented in mid-March. 

Two major components of GDP – private consumption and 

private fixed investment – grew at double-digit paces, and 

the change in private inventories also made a strong positive 

contribution to growth in the third quarter. Two other 

components – government expenditures and net exports –

subtracted from GDP growth in Q3, but in the case of net 

exports, the silver lining was that surging imports reflected 

much stronger domestic demand. Private domestic final 

purchases – the sum of personal consumption, business fixed 

investment, and residential investment – advanced 38.1 

percent in the third quarter, after declining by 32.4 percent in 

the second quarter.
4 PROFILE OF THE ECONOMY

December 2020

Real personal consumer expenditures (PCE), which 

accounts for about two-thirds of overall GDP, grew 40.7

percent at an annual rate in the third quarter. The surge 

recovered 71 percent of the consumption lost in the first and 

second quarters combined. Purchases of durable goods – a 

category that includes motor vehicles, household equipment 

and furnishings, among other items – spiked 82.2 percent in 

the third quarter, after slipping 1.7 percent in the second 

quarter. Purchases of nondurable goods – such as food and 

beverages purchased for off-premises consumption, gasoline 

and other energy goods, clothing, footwear, and other goods 

– increased 28.8 percent in the third quarter, following a 

15.0 percent decline in the second quarter. Meanwhile, 

household expenditures on services – the component of PCE 

most severely affected by the pandemic and related 

measures – rebounded by 38.4 percent in the third quarter. 

Even with the rebound in household expenditures for 

services, spending in Q3 was down $660 billion at an annual 

rate from its level at the end of 2019. The loss partly 

reflected households shifting spending that they could not 

spend on services toward goods: purchases of durable and 

nondurable goods were $325 billion (annualized) above their 

level at the end of 2019. Overall, real personal consumption 

expenditures added 25.3 percentage points to the rise in total 

GDP in Q3. 

Business fixed investment (BFI) rose 20.3 percent at an 

annual rate in the third quarter, in sharp contrast with the 

27.2 percent drop in the second quarter. Driving the overall 

gain in third quarter BFI, equipment investment soared by 

70.1 percent (particularly reflecting spending on 

transportation equipment), as it recovered handsomely from 

a 35.9 percent plunge in the second quarter. In contrast, 

investment in structures fell for the fourth consecutive 

quarter. In the most recent two quarters, this has partly 

reflected lower oil prices and a pull-back in petroleum 

exploration and development of wells; according to private 

sources, the average rig count declined about 35 percent in 

Q3. But the pandemic, through the continued use of 

telework, and other factors, such as the shift from brick-andmortar retail stores to online retail, have also played a role in 

dampening appetite for new structures, especially for 

commercial investment.

After contributing to growth in every quarter from early 

2015 to early 2020, expenditures on intellectual property 

products (IPP) were down for the second consecutive 

quarter. Even so, the third quarter’s 1.0 percent decline was 

modest after the 11.4 percent decrease in the second quarter. 

Looking at the components, investment in software 

recovered in the third quarter, growing 2.6 percent after a 5.9 

percent decline in the previous quarter. But research and 

development spending and investment in entertainment, 

literary, and artistic originals each declined for the third 

consecutive quarter, though more modestly in the third 

quarter than in the second. Despite the rescission of stay-athome orders in most locales, many movie theaters and other 

entertainment venues remained closed in Q3; thus, the 

declines in that category partly reflect lower corporate 

expenditures on artistic IPP. Overall, total business fixed 

investment added 2.9 percentage points to real GDP growth 

in the third quarter, after subtracting 3.7 percentage points 

from growth in the second quarter.

The change in private inventories, a volatile component, 

added 6.6 percentage points to economic growth in the third 

quarter of 2020, after the partial economic shutdown forced 

firms to draw down inventories in the second quarter. 

Apart from a sharp and temporary decline in the second 

quarter, residential investment has grown in four of the past 

five quarters, including a 59.3 percent rebound in the third 

quarter, its largest advance since 1983. Residential 

investment added 2.1 percentage points to growth in the 

third quarter, after the sharp and temporary decline in this 

component posed a drag on growth in the second quarter of 

1.6 percentage points. Despite the overall decline in 

residential investment in the second quarter, the housing 

sector has been recovering since May and continues to 

perform very well, supported in part by record-low mortgage 

rates and new record-highs in builder confidence. Housing 

starts and permits have grown strongly since May. As of 

October, single-family housing starts were 14.0 percent 

above their February level, and single-family building 

permits – a leading indicator for starts – were 12.7 percent 

above pre-pandemic levels. Buoyed by record-low mortgage 

rates, demand for homes has far exceeded supply. Existing 

home sales, which account for 90 percent of all home sales, 

rose in October to their highest level in fourteen years and 

were up nearly 27 percent over the past year. New singlefamily home sales reached a thirteen-year high in August 

before pulling back slightly in September; nonetheless, sales 

were still nearly 34 percent above pre-pandemic levels. In 

November, the National Association of Home Builder’s 

home builder confidence index rose to a fresh record high,

conveying a strongly positive view about housing market 

conditions. Average rates for 30-year mortgages have 

recently set new record lows and are now more than 2 

percentage points below levels in mid-November 2018. Low 

rates have helped boost affordability despite recent, rapid 

gains in home prices, the latter reflecting a growing 

imbalance between supply and demand.

Government spending declined 4.5 percent at an annual 

rate in the third quarter, as Federal spending was down 6.2 

percent at an annual rate, and state and local government 

expenditures fell 3.3 percent. Nonetheless, the decline in 

Federal spending followed a 16.4 percent jump in the second 

quarter, which reflected the implementation of the 

Coronavirus Aid, Relief, and Economic Security (CARES) 

Act after its passage at the end of last March. Meanwhile, 

state and local governments reduced their spending by 

3.3 percent in the third quarter, following a 5.4 percent 

reduction in the second quarter. Even so, total government 

spending pared only 0.7 percentage point from real GDP 

growth in the third quarter, after contributing 0.8 percentage 

point in the second quarter.
PROFILE OF THE ECONOMY 5

December 2020

The net export deficit increased $235.7 billion at an 

annual rate during the third quarter to $1.01 trillion, as a 

surge in imports more than offset a very strong increase in 

exports. Total exports of goods and services grew by 59.7 

percent, while imports advanced 91.1 percent. The widening 

of the trade deficit subtracted 3.1 percentage points from 

third quarter GDP growth; in the second quarter, net exports 

contributed 0.6 percentage point to economic growth.

Labor Markets and Wages

Due to the pandemic, the economy lost almost 22.2 

million jobs in March and April. However, payroll job 

growth resumed in May, and labor markets reclaimed 12.1

million jobs between May and October, or almost 55 percent 

of the total lost. This is a sharper labor recovery than 

previously seen. For example, the economy did not start 

materially adding payroll jobs until nine months after the 

Great Recession ended, and it took another 21⁄2 years from 

that point to recover 55 percent of the jobs lost.

Likewise, the unemployment rate rose from a 50-year 

low of 3.5 percent to a post-World War II high of 14.7 

percent in April. Yet by October, the unemployment rate had 

fallen 7.8 percentage points to 6.9 percent, the sharpest sixmonth decrease on record. After the unemployment rate 

peaked at 10 percent in October 2009, well after the Great 

Recession ended, it took over seven years to bring about the 

same proportionate reduction. Moreover, a large share of 

those currently unemployed continue to identify themselves 

as “temporarily laid off,” contrasting sharply with the 

persistently high levels of long-term unemployment during 

and after the Great Recession. 

The headline labor force participation rate (LFPR) – as 

well as prime-age (ages 25-54) LFPR – reached multi-year 

highs earlier in 2020, before declining to multi-year lows in 

April. These measures have trended higher since then. As of 

October, the headline LFPR stood at 61.7 percent, or 1.5

percentage points above April’s 4 1⁄2 decade low, and the 

prime-age LFPR was 81.2 percent, or 1.3 percentage points 

above April’s multi-decade low.

Nominal average hourly earnings for production and 

nonsupervisory workers rose 4.5 percent over the year 

ending in October 2020, faster than the 3.8 percent pace over 

the 12 months through October 2019. October marked the 

27

th month that this measure of wage growth has remained 

above 3 percent, a consistency not seen since the mid-2000s. 

Outsized gains over the past eight months reflected higher 

job losses among lower wage workers, but even with

rehiring of many of these workers, wage gains remain 

elevated, and more subdued inflation has boosted gains in 

real terms. Real average hourly earnings rose 3.2 percent 

over the year through October 2020, accelerating from the 

year-earlier pace of 2.2 percent. Wages and salaries for 

private industry workers, as measured by the Employment 

Cost Index, advanced 2.7 percent over the four quarters 

ending in September 2020, slowing from the 3.0 percent 

gain over the four quarters through September 2019.

Payroll Employment

 (In thousands)

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor

For the thirteen quarters through 2019 Q4, four-quarter 

nonfarm business labor productivity growth rates remained 

above 1 percent, a consistency not seen since 2004. 

However, with the sudden collapse in output in March 2020 

productivity growth declined 0.3 percent at an annual rate in 

Q1. Over the four quarters through 2020 Q1, growth slowed 

to 0.9 percent - the first year-over-year reading below 1 

percent since 2016 Q3. Productivity growth then surged by 

10.6 percent at an annual rate in the second quarter. Taken 

together, these were the largest quarterly increases in 

productivity since the fourth quarter of 2009. Growth was up 

4.9 percent at an annual rate in the third quarter, reflecting a 
6 PROFILE OF THE ECONOMY

December 2020

43.5 percent surge in output, which more than offset a 36.8 

percent increase in worker hours. Over the four quarters 

through 2020 Q3, productivity growth accelerated to 4.1

percent from a 1.7 percent pace over the four quarters 

through 2019 Q3.

 Nominal hourly compensation costs in the nonfarm 

business sector declined 4.4 percent at an annual rate in the 

third quarter, following the second quarter’s 20.0 percent 

gain. Over the most recent four quarters, hourly 

compensation costs rose 6.7 percent, more than double the 

2.9 percent, year-earlier pace. Unit labor costs, defined as 

the average cost of labor per unit of output, fell 8.9 percent 

in the third quarter, after climbing 8.5 percent in the second

quarter. These costs were up 2.5 percent over the most 

recent four quarters, accelerating from the 1.2 percent pace 

over the four quarters ending in 2019’s third quarter.

Industrial Production, Manufacturing, and 

Services

Due to the pandemic, measures of industrial production, 

manufacturing, and services output began declining in 

March and fell further in April. A quick recovery began in 

May as social distancing measures and stay-at-home orders 

were relaxed. In October, industrial output at factories, 

mines, and utilities was up 1.1 percent. However, over the 

12 months ending in October, output was down 5.3 percent, 

and was still 5.6 percent lower than pre-pandemic levels.

 Manufacturing production, which accounts for about 

75 percent of all industrial output, increased 1.0 percent in 

October but was still down 3.9 percent over the past year, as 

well as 4.8 percent lower since February. After huge 

monthly gains over the summer as factories reopened, 

production of motor vehicles and parts edged down 0.1 

percent in October but was still 6.9 percent higher over the 

year (although 5.1 percent lower since February).

Meanwhile, manufacturing output at select high-technology 

factories increased 1.7 percent in October and was 

6.0 percent higher than before the pandemic. Excluding 

motor vehicles and parts and high-technology industries, 

manufacturing output rose 1.1 percent in October, but this 

measure was 5.0 percent lower over the past year.

 Output at mines, which includes crude oil and natural 

gas extraction and accounts for 15 percent of industrial 

output, declined 0.6 percent in October. Mining output was 

down 14.4 percent over the year, due in part to low energy 

prices.

Utilities output, the remaining 10 percent of total 

industrial output, grew 3.9 percent in October. Weather is 

usually a factor contributing to swings in this sector; 

unseasonable weather in months often causes sharp swings 

in output from one period to the next. Over the 12 months

through October, utilities production declined 3.0 percent.

 After dropping sharply in March and April, other 

measures of manufacturing and services production in the 

economy have recovered and are signaling expansion. Since 

August 2019, the Institute of Supply Management’s (ISM) 

manufacturing index had been below, or marginally above, 

the 50-point growth threshold. However due to the 

pandemic, the ISM index signaled the first multi-month 

contraction for the manufacturing sector since early 2016. 

By April 2020, this index had dropped to an eleven-year 

low, but as of October, it stood at 59.3, indicating expansion 

in this sector for the fifth consecutive month. In the service 

sector, the ISM’s non-manufacturing index had remained 

consistently above the growth threshold since February 

2010, but by April, had dropped to its lowest level since 

March 2009. By October, however, the non-manufacturing 

index had risen to 56.6, moving well above pre-pandemic 

levels to signal expansion for the fifth consecutive month.

Prices

The deflationary pressures that emerged in March at the 

headline as well as core levels dissipated quickly. In recent 

months, inflation readings have been low but generally 

positive. Even though 12-month inflation rates remain below 

year-ago levels, the gaps are narrowing, on balance. The 

Consumer Price Index (CPI) for all items was unchanged in 

October, still reflecting lower prices in pandemic-affected 

sectors. Over the 12 months through October, CPI inflation 

was 1.2 percent, or 0.6 percentage point below the yearearlier pace. Energy prices have stabilized in recent weeks, 

but over the year through October, were still 9.2 percent 

lower, extending the 4.2 percent decline over the year 

through October 2019. After accelerating sharply earlier this 

year, monthly food price inflation has tapered considerably 

in recent months. Even so, the CPI for food was up 3.9 

percent over the year through October, reflecting increased 

demand for food at home due to the pandemic. The yearover-year pace in October was nearly double the 2.1 percent 

pace over the 12 months through October 2019. Meanwhile, 

core CPI inflation was also flat in October. Over the past 12 

months, core inflation was 1.6 percent, quite a bit slower 

than the 2.3 percent pace over the year through October

2019.

The headline Personal Consumption Expenditures (PCE) 

Price Index (the preferred measure for the FOMC’s 2 

percent inflation target) also shows a restrained pace of 

inflation. The 12-month headline PCE inflation rate was 1.4 

percent through September 2020, matching its year-earlier 

rate. Core PCE inflation was 1.5 percent over the year 

through September 2020, slowing modestly from the 1.7 

percent, year-earlier rate. Inflation as measured by the PCE 

price index has held below the FOMC’s target since 

November 2018, and these consistently low PCE inflation 

readings recently prompted the FOMC to adopt a more 

explicit inflation target strategy in which the 2 percent target 

would be an average over time.

Measures of house price growth have accelerated, 

reflecting higher demand and lower supply. FHFA price 

growth surged to an 8.1 percent pace over the twelve months 
PROFILE OF THE ECONOMY 7

December 2020

through August 2020 from a 4.8 percent gain over the 

previous year. On a 12-month basis, the Standard and 

Poor’s (S&P)/Case-Shiller composite 20-city home price 

index advanced 5.2 percent over the year through August, 

more than double the 2.0 percent advance over the 12 

months through August 2019.

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment

After improving strongly through most of the first 

quarter, measures of consumer and business sentiment 

pulled back in March as social distancing and business 

closures took effect. After rising to 101.0 in February, just 

shy of the 14-year high reached in 2018, the 

Reuters/Michigan consumer sentiment index subsequently 

fell by more than 29 points. This index has since trended 

higher, standing at 77.0 as of early November, but it remains 

about 20 points below its February level. From February, 

the Conference Board’s consumer confidence index plunged 

by 46.9 points to 85.7 in April, reaching its lowest level 

since mid-2014. This index has also trended higher since 

then, rising to 100.9 in October, but is still nearly 32 

points below the level in February. On the business side, 

the National Federation of Independent Business’s (NFIB) 

small business optimism index was, as of February, only 4.3 

points below its all-time high reached in August 2018. But 

this index fell nearly 14 points over March and April to its 

lowest level since March 2013. Small business optimism 

has since recovered noticeably, and this index stood at 104.0

as of October, only 0.5 points below its level in February.

Federal Budget and Debt

Even before the pandemic, the Federal Government’s 

deficit and debt were trending higher, but the pandemic 

spurred even more spending and borrowing. In March and 

April, Congress passed several bills to help combat COVID19 and ameliorate the economic effects of social distancing

measures, worth about $2.7 trillion. At the end of FY 2020, 

the Federal Government posted a deficit of $3.13 trillion 

(14.9 percent of GDP), up $2.15 trillion from the $984 

billion deficit (4.6 percent of GDP) posted in FY 2019. The 

primary deficit (which excludes net interest payments) was 

13.3 percent of GDP in FY 2020, up from 2.9 percent in FY 

2019. Federal receipts totaled $3.42 trillion in FY 2020, 

down $44 billion (1.2 percent) from FY 2019. Net outlays 

for FY 2020 were $6.55 trillion, up $2.1 trillion (47.3 

percent) from FY 2019.

The Treasury’s borrowing limit is suspended until July 

31, 2021. At the end of FY 2020, gross federal debt was 

$26,945.4 billion. Federal debt held by the public, or federal 

debt less the debt held in government accounts, rose from 

$16.80 trillion at the end of FY 2019 (79.2 percent of GDP) 

to $21.0 trillion by the end of FY 2020, or 100.1 percent of 

GDP.

Economic Policy

The U.S. government has responded to the effects of the 

COVID-19 pandemic with a range of significantly 

expansionary fiscal and monetary policies, including an 

unprecedented level of fiscal assistance and a reduction in 

the key policy interest rate to near-zero.

 On the fiscal side, Congress has authorized a recordsetting economic aid package of roughly $2.7 trillion to date. 

The Federal Government has aided Americans through

Economic Impact Payments and has helped the unemployed

by adding a temporary weekly federal benefit to normal state

unemployment compensation and expanding eligibility for

benefits to the self-employed and gig workers. The

Administration also postponed tax payments and delayed

loan payments for borrowers of federally backed student

loans to boost disposable incomes and help American

households to weather the pandemic.

 In addition, Treasury and the Small Business

Administration (SBA) launched the Paycheck Protection

Program (PPP) less than a week after its authorization at the

end of March. The Administration worked directly with

private lenders and used their infrastructure to hasten how

quickly businesses could receive funds. In less than two

weeks, the PPP had exhausted its initial funding: it had

processed nearly 1.7 million loans worth $342 billion. After

a second appropriation, the PPP has provided nearly 5

million loans to date, worth over $520 billion. According to

the SBA, lenders have reported that over 51 million jobs

have been supported by PPP loans. By comparison, the

Census Bureau estimated in the most recent Statistics of U.S.

Businesses that establishments with fewer than 500

employees employed approximately 60.6 million workers.

 On the monetary policy side, the Federal Reserve’s 

Federal Open Market Committee (FOMC) resumed 
8 PROFILE OF THE ECONOMY

December 2020

monetary easing, which began in July 2019 but had been 

paused at the turn of the year, owing to buoyant economic 

conditions. 

 At the January 2020 meeting, the Federal funds rate 

target was unchanged at a range of 11⁄2 to 2 percent, and in 

the accompanying statement, the Committee observed that at 

the time, “the current stance of monetary policy is 

appropriate to support sustained expansion of economic 

activity, strong labor market conditions, and inflation near 

the [Fed’s 2 percent target].” 

 However, the pandemic led to an inter-meeting move. 

On March 3, the FOMC announced a 50-basis point cut in 

the target range to 1 to 11⁄4 percent, and on March 15, at 

another unscheduled meeting, the FOMC cut the target range 

by 100 basis points to 0 to 1⁄4 percent. (The scheduled, 

March 17-18 FOMC meeting was cancelled.) 

At its scheduled meetings in April, June, July, 

September, and November, the FOMC left the target range 

for the federal funds rate unchanged. 

In each of the accompanying statements for those meetings, 

the Committee noted that it expects to maintain this FFR 

target range “until it is confident that the economy has 

weathered recent events and is on track to achieve its 

maximum employment and price stability goals.”

The Federal Reserve has also implemented large-scale 

purchases of Treasury securities and agency mortgagebacked securities. Importantly, the Federal Reserve 

assuaged market worries by using its Section 13(3) authority 

to establish numerous emergency lending facilities. 

Through these facilities, it leveraged capital provided by 

Treasury, which committed $215 billion of capital. 

Although the Federal Reserve had used only 3.2 percent of 

its stated lending capacity by the end of July, the existence 

of these facilities unlocked financial markets and mitigated 

the risk of the public health crisis from becoming a financial 

crisis.
December 2019

9

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments.

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service.

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
10

December 2020

on both on- and off-budget receipts, outlays and deficit of 

the Government.

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash.

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts.

• Table FFO-3 details on- and off-budget outlays by 

agency.

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source

[Source: Office of Tax Analysis, Office of Tax Policy]

Fourth-Quarter Receipts

The following capsule analysis of budget receipts, by 

source, for the Fourth quarter of fiscal year 2020 

supplements fiscal data reported in the September issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter.

Note that due to the delay of certain tax payment 

deadlines under IRS Notices 2020-18 and 2020-23, 

differences between the third quarter of fiscal year 2020 

and the third quarter of fiscal year 2019 may be 

unusually large.

Individual income taxes—Individual income tax 

receipts, net of refunds, were $624.1 billion for the fourth 

quarter of fiscal year 2020. This is an increase of $207.7 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $54.3 billion and non-withheld 

receipts increased by $284.1 billion during this period. The 

increase was due in part to a Treasury Notice that allowed

payment of taxes otherwise due on April 15, 2020 to be 

delayed without penalty until July 15, 2020. Refunds 

increased by $22.2 billion over the comparable fiscal year

2019 quarter. There was a negligible change in accounting 

adjustments between individual income tax receipts and the 

Social Security and Medicare trust funds over the 

comparable quarter in fiscal year 2019. 

Corporate income taxes—Net corporate income tax 

receipts were $119.7 billion for the fourth quarter of fiscal

year 2020. This is an increase of $53.8 billion compared to

the prior year fourth quarter. The increase was due in part 

to a Treasury Notice that allowed payment of taxes 

otherwise due on April 15, 2020 to be delayed without 

penalty until July 15, 2020. The $53.8 billion change is 

comprised of an increase of $63.0 billion in estimated and 

final payments, and an increase of $9.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2020 were $303.4 billion, an increase of $19.0 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $10.3 billion, $1.7 billion, and $3.8 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal year 2020. There was also a

negligible adjustment in the fourth quarter of fiscal year

2019.
11

December 2020

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year

2020 were $9.3 billion, an increase of $1.7 billion over the 

comparable quarter of fiscal year 2019. Net State taxes 

deposited in the U.S. Treasury increased by $1.9 billion to 

$8.7 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.2 billion to $0.6 billion.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.3 billion for the 

fourth quarter of fiscal year 2020. This was an increase of 

$0.1 billion from the comparable quarter of fiscal year 2019.

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2020 were $40.1 billion, an increase of 

$12.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $3.6 billion, an 

increase of $2.4 billion over the comparable prior year 

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $6.5 billion for the fourth quarter of fiscal year 2020. 

These receipts represent an increase of $2.2 billion over the 

same quarter in fiscal year 2019.

Customs duties—Customs duties net of refunds were 

$17.0 billion for the fourth quarter of fiscal year 2020. This 

is a decrease of $3.4 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2020 were $38.6 billion, 

an increase of $13.1 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings 

by Federal Reserve banks increasing by $14.0 billion.
12

December 2020

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, continued

Total On- and Off-Budget Results and Financing of the U.S. Government

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fourth quarter 2020

July – Sept.

 Fiscal year 2020

 year to date

Total on- and off-budget results:

Total receipts ................................................................. 1,159,886 3,419,955

On-budget receipts .................................................... 927,244 2,454,527

Off-budget receipts .................................................... 232,642 965,428

Total outlays................................................................... 1,547,500 6,551,872

On-budget outlays...................................................... 1,288,450 5,596,291

Off-budget outlays...................................................... 259,050 955,581

Total surplus or deficit (-)............................................... -387,615 -3,131,917

On-budget surplus or deficit (-).................................. -361,207 -3,141,764

Off-budget surplus or deficit (-).................................. -26,408 9,846

Means of financing:

Borrowing from the public .............................................. 492,446 4,216,280

Reduction of operating cash.......................................... -59,647 -1,399,196

Other means .................................................................. -45,100 314,833

Total on- and off-budget financing............................. 387,698 3,131,917

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2020

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Source July August September

 

Individual income taxes...................................................... 373.1 89.5 161.5

Corporate income taxes..................................................... 68.0 2.1 49.7

Employment and general retirement.................................. 94.4 96.4 112.6

Unemployment insurance .................................................. 3.7 3.5 2.1

Contributions for other insurance and retirement .............. 0.4 0.4 0.4

Excise taxes ....................................................................... 6.2 7.7 26.2

Estate and gift taxes .......................................................... 2.9 1.4 2.1

Customs duties .................................................................. 5.0 5.9 6.1

Miscellaneous receipts....................................................... 9.8 16.3 12.5

Total budget receipts .....................................................

563.5 223.2 373.2

Note.—Detail may not add to totals due to independent rounding.
13

December 2020
FEDERAL FISCAL OPERATIONS

December 2020

14

TABLE FFO-1—Summary of Fiscal Operations

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total on-budget and off-budget results

Means of 

financing

-net transactions

Borrowing from

the publicFederal securities

Public debt

securities

(10)

Fiscal year

or Month

Total

Receipts

(1)

On-budget

receipts

(2)

Off-budget

receipts

(3)

Total

outlays

(4)

On-budget

outlays

(5)

Off-budget

outlays

(6)

Total

surplus

deficit (-)

(7)

On-budget

surplus

deficit (-)

(8)

Off-budget

surplus

deficit (-)

(9)

2016 ................................3,266,689 ................................ 2,456,509 ................... 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286

2017 ................................3,314,893 ................................ 2,464,275 ................... 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472

2018 ................................3,328,745 ................................ 2,473,999 ................... 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348

2019 ................................3,462,195 ................................ 2,547,893 ................... 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690

2020 ................................3,419,955 ................................ 2,454,528 ................... 965,427 6,551,871 5,596,291 955,579 -3,131,917 -3,141,766 9,847 4,234,396

2021 – Est1................................ 3,863,293 ................................ 2,852,257 1,011,036 ......... 4,829,359 3,811,118 1,018,241 -966,066 -958,861 -7,205 1,177,636

2022 – Est1................................ 4,085,664 ................................ 3,020,952 1,064,712 ......... 5,005,418 3,920,492 1,084,926 -919,754 -899,540 -20,214 1,082,371

2019 - Sept................................ 374,028 ................................ 296,333 ......... 77,695 291,260 205,011 86,249 82,768 91,322 -8,554 259,291

Oct................................ 245,521 ................................ 181,095 .......... 64,426 379,988 300,962 79,026 -134,467 -119,867 -14,600 277,223

Nov ................................ 225,185 ................................ 155,648 ......... 69,537 434,024 345,901 88,122 -208,838 -190,253 -18,585 68,945

Dec ................................ 335,805 ................................ 259,671 ......... 76,135 349,091 302,065 47,026 -13,286 -42,394 29,108 126,179

2020 - Jan ................................ 372,288 ................................ 281,546 .......... 90,742 404,883 326,440 78,443 -32,595 -44,894 12,299 22,617

Feb ................................ 187,951 ................................ 112,136 ......... 75,815 423,229 334,290 88,939 -235,278 -222,155 -13,124 186,216

Mar ................................ 236,766 ................................ 153,068 ......... 83,698 355,754 266,410 89,344 -118,988 -113,342 -5,646 283,377

Apr................................ 241,863 ................................ 142,052 .......... 99,811 979,885 900,847 79,038 -738,022 -758,795 20,773 1,294,085

May................................ 173,861 ................................ 96,428 ......... 77,433 572,614 481,642 90,972 -398,754 -385,215 -13,539 773,267

June................................ 240,829 ................................ 145,640 ........ 95,188 1,104,903 1,049,284 55,619 -864,074 -903,644 39,569 729,695

July ................................ 563,496 ................................ 491,021 ......... 72,475 626,487 547,234 79,253 -62,992 -56,214 -6,778 50,113

Aug ................................ 223,221 ................................ 148,959 ......... 74,262 423,233 333,469 89,764 -200,012 -184,510 -15,502 205,178

Sept................................ 373,169 ................................ 287,264 ........ 85,905 497,780 407,747 90,033 -124,611 -120,483 -4,128 217,501

Fiscal year 2020 to date ................................ 3,419,955 2,454,528 ................Nov965,427 6,551,871 5,596,291 955,579 -3,131,917 -3,141,766 9,847 4,234,396

Means of financing—net transactions, continued

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct)

Other

(18)

Transactions

not applied 

to year’s 

surplus or 

deficit

(19)

Total 

Financing

(20)

Fiscal year

or month

Agency 

securities

(11)

Investments

of Government 

accounts

(12)

Total

10+11-12

(13)

U.S. Treasury 

operating

cash

(14)

Special 

drawing

rights

(15)

Other

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct)

(17)

2016 ................................................................ 269 ................... 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416

2017 ................................................................ 3 ................... 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714

2018 ................................................................ -1,545 ................... 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997

2019 ................................................................ -1,366 ................... 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386

2020 ................................................................ -1,304 ................... 16,813 4,216,280 1,399,197 1,754 -309 8,253 2,494,110 853 3,131,918

2021 – Est1................................................................ -464 146,269 ......... 1,030,904 - - - - -64,838 - 966,066 

2022 – Est1................................................................ -383 103,324 ......... 978,663 - - - - -58,909 - 919,754 

2019 - Sept ................................................................ -234 46,439 ........ 212,619 249,392 -184 -464 -233 -544,421 523 -82,768

Oct................................................................ -180 117,207 .......... 159,836 52,458 589 -73 -73 -78,539 270 134,468

Nov................................................................ -74 -56,591 ......... 125,462 -92,324 -214 -57 -39 176,131 -121 208,838

Dec................................................................ 10 60,421 ......... 65,767 61,235 397 -133 607 -114,755 168 13,286

2020 - Jan ................................................................ -130 -19,411 .......... 41,898 131 -216 66 -26 -9,148 -110 32,595

Feb ................................................................ -325 -14,228 ......... 200,119 -46,732 -86 -25 -191 82,261 -68 235,278

Mar................................................................ 428 15,841 ......... 267,964 158,006 -312 -256 55 -306,286 -183 118,988

Apr................................................................ -75 -92,518 .......... 1,386,528 664,778 58 -39 1,005 1,314,328 20 738,022

May ................................................................ -704 12,575 ........ 759,988 269,095 227 25 2,937 -633,636 118 398,754

June ................................................................ 614 14,037 ....... 716,272 272,903 135 94 1,294 -126,688 64 864,074

July................................................................ -97 -56,398 ......... 106,415 41,058 1,373 234 3,107 -89,992 797 62,992

Aug................................................................ -193 16,233 ......... 188,752 -57,108 220 220 -29 67,831 126 200,012

Sept................................................................ -578 19,645 ........ 197,279 75,697 -417 -365 -394 -146,961 -228 124,611

Fiscal year 2020 to date ................................ -1,304 ............. 16,813Nov 4,216,280 1,399,197 1,754 -309 8,253 2,494,110 853 3,131,918

Note: Detail may not add to total due to rounding.

1 These estimates are based on the President's FY 2021 Budget, released by the Office of Management and 

Budget on February 10, 2020.
FEDERAL FISCAL OPERATIONS

December 2020

15

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year

or month

Income taxes

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

Individual Corporation hospital insurance

Withheld

(1)

Other

(2)

Refunds

(3)

 Net

 (4)

Gross

 (5)

Refunds

(6)

Net

(7)

Net income 

taxes

(8)

 Gross

 (9)

 

Refunds

 (10)

Net

(11)

2016 ................................ 1,245,698 ................................ 551,660................... 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993

2017 ................................ 1,309,265 ................................ 539,528................... 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547

2018 ................................ 1,325,106 ................................ 626,555................... 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407

2019 ................................ 1,328,271 ................................ 634,339................... 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874

2020 ................................ 1,245,088 ................................ 601,920................... 238,346 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 - 1,257,205

2021 – Est1................................ 1,931,678 ................................ - ......... - 1,931,678 284,093 - 284,093 2,215,771 1,319,075 - 1,324,980 

2022 – Est1................................ 2,048,418 ................................ - ......... - 2,048,418 323,835 - 323,835 2,372,253 1,390,309 - 1,396,370 

2019 - Sept................................ 103,949 ................................ 82,773 ......... 3,750 182,972 62,619 2,301 60,318 243,290 106,249 3,632 102,617

Oct................................ 108,600 ................................ 28,362 .......... 10,573 126,389 10,802 4,232 6,571 132,960 86,267 - 86,267

Nov ................................ 105,275 ................................ 8,593 ......... 8,105 105,764 5,918 5,385 532 106,296 93,271 - 93,271

Dec ................................ 139,853 ................................ 15,839 ......... 2,986 152,706 61,054 2,744 58,311 211,017 101,976 - 101,976

2020 - Jan ................................ 123,436 ................................ 95,208 .......... 1,984 216,660 11,619 1,127 10,492 227,152 117,112 - 117,112

Feb ................................ 122,599 ................................ 11,161 ......... 64,134 69,626 4,365 6,406 -2,041 67,585 96,587 - 96,587

Mar ................................ 148,378 ................................ 15,294 ......... 65,356 98,316 12,166 1,776 10,390 108,706 106,670 - 106,670

Apr................................ 79,598 ................................ 655 .......... 4,996 75,257 6,507 2,566 3,940 79,197 129,590 - 129,590

May................................ 72,199 ................................ 11,784 ......... 36,224 47,760 2,402 4,197 -1,795 45,965 99,175 - 99,175

June................................ 73,997 ................................ 27,849 ........ 9,730 92,116 10,674 4,967 5,707 97,823 124,227 - 124,227

July ................................ 101,787 ................................ 291,774 ......... 20,454 373,106 76,198 8,208 67,991 441,097 93,831 - 93,831

Aug ................................ 85,228 ................................ 12,425 ......... 8,168 89,485 8,111 6,024 2,088 91,573 96,236 - 96,236

Sept................................ 84,138 ................................ 82,976 ........ 5,636 161,478 54,031 4,371 49,660 211,138 112,264 - 112,264

Fiscal year 

2020 to date................................ 1,245,088 ................................ 601,920 ..238,346 Nov 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 - 1,257,205

Fiscal year

or month

Social insurance and retirement receipts, continued

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement

Railroad retirement Net employment 

and general 

retirement

(15)

Gross

(16)

 Refunds

 (17)

 Net un-

 employment

 insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

Gross

(12)

Refunds

(13)

Net

(14)

2016 ................................................................ 5,316 3 ................... 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906

2017 ................................................................ 5,349 1 ................... 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191

2018 ................................................................ 5,753 4 ................... 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501

2019 ................................................................ 5,610 90 ................... 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759

2020 ................................................................ 4,590 144 ................... 4,445 1,261,650 43,224 120 43,103 5,172 29 5,201

2021 – Est1................................ 5,905................................ - ......... 5,905 1,324,980 43,033 - 43,033 5,550 31 5,581

2022 – Est1................................ 6,061................................ - ......... 6,061 1,396,370 43,690 - 43,690 8,055 31 8,086

2019 - Sept ................................ 500 ................................ 72 ........429 103,046 211 14 197 384 2 386

Oct................................ 444................................ 40 ..........403 86,671 2,757 - 2,757 386 3 389

Nov................................ 434................................ 50 .........383 93,654 2,604 9 2,596 483 2 486

Dec................................ 427................................ 4 .........423 102,399 264 15 248 446 3 449

2020 - Jan ................................ 507................................ 15 ..........492 117,604 3,024 5 3,019 420 2 422

Feb................................ 635................................ -17 .........652 97,239 2,282 3 2,279 398 2 400

Mar................................ 536................................ 40 .........495 107,165 316 20 296 402 3 405

Apr................................ 392................................ - ..........392 129,982 9,091 28 9,063 400 2 402

May ................................ 357 ................................ 3 ........355 99,529 11,724 3 11,720 504 2 505

June ................................ -211 ................................ 7 ....... -217 124,009 1,785 5 1,780 468 3 471

July................................ 529................................ - .........529 94,360 3,762 22 3,740 433 3 436

Aug................................ 202................................ - .........202 96,438 3,531 7 3,524 412 2 414

Sept................................ 338 ................................ 2 ........336 112,600 2,084 3 2,081 420 2 422

Fiscal year 

2020 to date................................ 4,590 ................................ 144 ..........No4,445 v 1,261,650 43,224 120 43,103 5,172 29 5,201

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS

December 2020

16

Fiscal year

or month

Excise

taxes, con.

Net excise taxes

(35)

Estate and gift taxes Customs duties

Net miscellaneous receipts

Total receipts

Deposits of 

earnings by 

Federal Reserve 

banks

(42)

Universal 

service fund 

and all 

other

(43)

Total

(44)

Gross

 (36)

Refunds

 (37)

Net

(38)

 Gross 

 (39) 

Refunds

(40)

Net 

(41)

On-budget

(45)

Off-budget

(46)

2016................................................................ 95,044 22,337................... 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180

2017................................................................ 83,821 23,779................... 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617

2018................................................................ 94,987 23,864................... 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747

2019................................................................ 98,915 17,565................... 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302

2020................................................................ 86,782 18,198................... 571 17,625 75,636 7,085 68,550 81,880 34,659 116,538 2,454,527 965,427

2021 – Est1................................ 87 ........................................ ,206 21,641 - 21,641 53,811 - 53,811 70,814 40,456 111,270 2,852,257 1,011,036

2022 – Est1................................ 89,045................................ 22,786 ........ - 22,786 42,733 - 42,733 69,063 41,638 110,701 3,020,952 1,064,712

2019 - Sept ................................ 11,986................................ 1,220 ........ 18 1,201 7,174 341 6,833 3,924 3,164 7,088 296,333 77,695

Oct ................................ 6,036................................ 1,748 .........57 1,691 8,108 350 7,757 5,230 2,030 7,260 181,094 64,426

Nov ................................ 7,513................................ 1,298 ........59 1,239 7,391 451 6,940 4,521 1,941 6,461 155,648 69,537

Dec ................................ 7,017................................ 1,761 ........63 1,698 6,934 485 6,449 5,252 1,277 6,529 259,671 76,135

Jan ................................ 6,308................................ 2,380 .........19 2,361 7,270 352 6,918 5,803 2,702 8,506 281,546 90,742

Feb................................ 6,685................................ 1,731 ......... 146 1,584 6,694 408 6,286 4,134 1,759 5,892 112,136 75,815

Mar................................ 6,415................................ 1,198 ......... -19 1,217 5,403 588 4,815 6,068 1,680 7,749 153,068 83,698

2020 - Apr................................ 353................................ 71 ..........58 13 4,712 599 4,114 10,005 8,734 18,739 142,052 99,811

May ................................ 2,701................................ 742 ........6 736 4,460 627 3,833 7,587 1,285 8,871 96,428 77,433

Jun ................................ 3,678................................ 636 .........6 630 5,310 829 4,480 6,545 1,413 7,958 145,640 95,188

 Jul ................................ 6,226................................ 2,903 ..........32 2,871 5,897 885 5,013 8,266 1,486 9,752 491,021 72,475

Aug ................................ 7,652................................ 1,525 ........88 1,436 6,532 636 5,896 8,743 7,546 16,289 148,959 74,262

 Sept ................................ 26,198................................ 2,205 ........56 2,149 6,925 875 6,049 9,726 2,806 12,532 287,264 85,905

Fiscal year

2020 to date ................................ 86,782................................ 18,198 Nov571 17,625 75,636 7,085 68,550 81,880 34,659 116,538 2,454,527 965,427

Note: Detail may not add to total due to rounding.

1 These estimates are based on the President's FY 2020 Budget Mid-Session Review,

released by the Office of Management and Budget on February 10, 2020.

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Excise taxes

Fiscal year 

or month

Airport and Airway Trust Fund

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous

Gross

(23)

Refunds

 (24)

 Net

 (25)

Gross

(26)

Refunds

(27)

Net

(28)

Gross

(29)

Refunds

(30)

 Net

 (31)

 Gross

 (32)

Refunds

 (33)

 Net

 (34)

2016 ................................1,1................................ 15,063 14,379 ................... 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846

2017 ................................1,161,897 ................................ 14,952 ................... 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334

2018 ................................1,170,699 ................................ 15,532 ................... 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535

2019 ................................1,................................ 243,087 15,8................... 25 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144

2020 ................................1,309,954 ................................ 9,034 ................... 20 9,015 300 - 300 43,201 440 42,763 43,997 9,298 34,701

2021 – Est1................................ 1,373,594 ................................ 17,987 ......... - 17,987 215 - 215 42,669 - 42,669 26,335 - 26,335

2022 – Est1................................ 1,448,146 ................................ 18,933 ......... - 18,933 164 - 164 43,063 - 43,063 26,885 - 26,885

2019 - Sept................................ 103,629 ................................ 2,005 ......... - 2,005 27 - 27 6,941 64 6,877 3,428 351 3,077

Oct................................ 89,817 ................................ 257 .......... - 257 3 - 3 890 15 876 5,084 185 4,900

Nov ................................ 96,736 ................................ 1,718 ......... - 1,718 19 - 19 4,540 29 4,511 1,368 103 1,266

Dec ................................ 103,096 ................................ 1,416 ......... - 1,416 15 - 15 3,836 29 3,807 2,025 247 1,779

2020 - Jan ................................ 121,045 ................................ 1,473 .......... - 1,473 16 - 16 3,893 30 3,863 1,421 465 955

Feb ................................ 99,918 ................................ 2,861 ......... 7 2,854 24 - 24 3,672 31 3,641 320 155 165

Mar ................................ 107,866 ................................ 1,291 ......... - 1,291 23 - 23 3,248 31 3,217 2,345 462 1,883

Apr................................ 139,447 ................................ 662 .......... - 662 22 - 22 3,055 37 3,018 353 3,702 -3,349

May................................ 111,754 ................................ -563 ......... 9 -571 8 - 8 719 44 675 3,019 430 2,589

June................................ 126,260................................ 8 ........ - 8 20 - 20 2,224 44 2,181 1,609 139 1,470

July ................................ 98,536 ................................ 13 ......... - 13 35 - 35 3,883 43 3,840 4,425 2,088 2,337

Aug ................................ 100,376 ................................ 12 ......... 2 10 38 - 38 4,742 43 4,699 3,020 116 2,904

Sept................................ 115,103................................ -114 ........ 2 -116 77 - 77 8,499 64 8,435 19,008 1,206 17,802

Fiscal year 

2020 to date................................ 1,309,954 ................................ 9,034 ..Nov 20 9,015 300 - 300 43,201 440 42,763 43,997 9,298 34,701
FEDERAL FISCAL OPERATIONS

December 2020

17

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military

(5)

 Depart-

 ment of 

Education

 (6)

 Depart-

 ment of

 Energy

 (7)

 Depart-

 ment of 

 Health 

 and

 Human

 Services

 (8)

 Depart-

 ment of

 Home-

 land

 Security 

 (9)

Department of

Housing 

and 

Urban

Development

(10)

Depart-

 ment of

 the

 Interior

 (11)

Department of

Justice

(12)

 Depart-

 ment of

 Labor

 (13)

2016 ................................................................ 4,344 7,497 ................... 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017 ................................................................ 4,499 7,565 ................... 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

2018 ................................................................ 4,670 7,780 ................... 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637

2019 ................................................................ 4,955 7,958 ................... 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810

2020 ................................................................ 5,365 8,251 ................... 184,221 15,918 690,420 204,415 32,047 1,503,953 91,963 33,190 16,417 39,606 477,529

2021 – Est1................................ 5,795................................ 8,993 129,215 ........ 12,245 729,329 78,962 35,484 1,371,719 60,330 52,394 16,153 41,133 38,267

2022 – Est1................................ 5,815................................ 8,980 125,209 ........ 12,269 744,099 67,724 32,793 1,442,652 61,934 51,071 15,875 39,766 36,047

2019 - Sept ................................ 452................................ 659 12,891 ........ 721 52,835 6,173 3,015 75,349 4,130 4,601 1,359 3,190 1,855

Oct ................................ 504................................ 713 19,093 ......... 963 68,233 8,094 3,109 143,105 4,884 3,836 1,251 3,135 -3,368

Nov................................ 303................................ 776 18,568 ......... 2,359 60,073 4,772 2,639 132,080 5,053 3,798 900 2,778 3,357

Dec................................ 586................................ 677 15,062 ......... 1,291 59,042 4,785 2,226 71,871 5,450 4,056 1,467 3,024 5,147

Jan ................................ 460 ................................ 689 11, ......... 225 1,012 50,354 9,839 2,830 134,418 4,563 3,667 1,255 3,671 4,882 

Feb................................ 385 ................................ 631 13,472 ......... 993 52,622 9,295 2,348 101,977 4,299 3,753 856 364 3,355 

Mar................................ 455 ................................ 701 11,229 ......... 1,200 57,855 6,366 2,876 73,527 4,776 4,452 1,495 3,534 5,649 

2020 - Apr ................................ 384 ................................ 668 10,304 .......... 1,478 55,280 5,806 2,662 250,008 5,487 4,093 2,120 5,645 49,520 

May ................................ 443 ................................ 776 12,511 ........ 1,202 58,453 8,862 2,690 128,708 6,031 4,797 1,162 2,817 93,869

Jun ................................ 521 ................................ 685 20,789 ......... 1,310 55,003 78,038 2,555 129,788 6,599 -9,864 1,866 3,714 116,684 

 Jul ................................ 451................................ 682 17,198 .......... 1,108 61,877 5,880 2,613 170,293 5,849 3,969 1,388 2,332 109,718

Aug................................ 387................................ 603 17,820 ......... 1,467 48,602 10,002 2,454 80,725 6,955 4,519 1,000 3,779 54,522

 Sept................................ 486................................ 650 16,950 ......... 1,535 63,026 52,676 3,045 125,167 32,017 2,114 1,657 4,813 34,194

Fiscal year

2020 to date ................................ 5,36................................ 5 8,251 184,221 Nov 15,918 690,420 204,415 32,047 1,503,953 91,963 33,190 16,417 39,606 477,529

 

Fiscal year

or month

Department of

State

(14)

Department of 

Transportation

(15)

Department

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross)

(16)

Department 

of the Treasury,

other

(17)

Department of

Veterans Affairs

(18)

Corps of Engineers

(19)

Other

Defense,

civil

programs

(20)

Environmental 

Protection 

Agency

(21)

Executive Office

of the

President

(22)

General 

Services 

Administration

(23)

International 

Assistance 

Program

(24)

2016................................................................ 29,447 78,421 ...................429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242

2017................................................................ 27,061 79,440 ...................456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925

2018................................................................ 26,386 78,494 ...................521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628

2019................................................................ 28,002 80,716 ...................572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578

2020................................................................ 32,859 100,342 ...................522,651 629,072 218,393 7,632 65,265 8,723 403 -266 21,677

2021 – Est1................................ 26,454................................ 88,706 ........575,782 114,876 235,288 5,590 65,316 7,533 430 107,484 34,717

2022 – Est1................................ 25,115................................ 91,502 ........594,866 94,486 263,090 9,287 72,920 7,208 425 113,010 25,235

2019 - Sept ................................ 3,226................................ 9,403 ........ 35,975 -29,283 9,054 519 826 682 37 -465 1,532

Oct ................................ 2,251................................ 7,470 ......... 30,319 8,903 17,595 710 5,354 831 33 46 1,432

Nov ................................ 3,377................................ 6,493 ........ 35,643 6,937 27,152 684 10,121 829 33 -54 2,346

Dec ................................ 2,733................................ 6,533 ........ 94,225 9,272 17,014 785 5,360 777 33 -17 -706

Jan ................................ 2,411................................ 5,443 ......... 33,903 6,375 17,982 731 6,191 826 32 -27 2,489

Feb................................ 2,213................................ 7,005 ......... 34,891 60,060 17,798 663 5,026 707 32 400 1,442

Mar................................ 2,760................................ 6,272 ......... 40,471 22,626 7,294 795 515 690 33 -3 5,373

2020 - Apr................................ 2,858................................ 7,481 .......... 41,004 392,098 18,618 1,089 5,014 638 31 -128 2,499

May ................................ 1,658................................ 9,839 ........ 26,503 71,967 19,491 326 5,875 753 44 -226 1,205

Jun ................................ 2,709................................ 9,615 ......... 68,463 28,139 17,637 472 7,189 749 34 57 882

 Jul ................................ 3,286................................ 10,891 .......... 31,303 24,526 27,162 814 10,882 665 39 -1 1,033

Aug ................................ 2,543................................ 10,739 ........ 47,167 16,376 9,926 714 -1,060 603 33 -170 2,372

 Sept ................................ 4,060................................ 12,561 ........ 38,759 -18,207 20,724 -151 4,798 655 26 -143 1,310

Fiscal year

2020 to date................................ 32,859................................ 100,342 .Nov 522,651 629,072 218,393 7,632 65,265 8,723 403 -266 21,677

See footnotes at end of table
FEDERAL FISCAL OPERATIONS

December 2020

18

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Undistributed offsetting receipts

Fiscal year

or month

National 

Aeronautics

and

Space

Administration

(25)

National 

Science 

Foundation

(26)

Office of

Personnel 

Management

(27)

Small

Business 

Administration

(28)

Social

Security

Administration

(29)

Independent 

agencies

(30)

Employer 

share, 

employee 

retirement

(31)

Interest 

received 

by trust

funds

(32)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(33)

Other

(34)

Total outlays

Onbudget 

(35)

 Offbudget

 (36)

2016 ................................ 18,828................................ 6,904 91,318 ................... -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354

2017 ................................ 18,698................................ 7,213 95,462 ................... 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202

2018 ................................ 19,756................................ 7,167 98,803 ................... 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573

2019 ................................ 20,180................................ 7,253 103,138 ................... 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617

2020 ................................ 21,524................................ 7,278 105,626 ...................577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579

2021 – Est1................................ 23,846 ................................ 8,003 -......... 871 1,214,807 26,452 -115,062 -140,552 -5,067 -18,998 3,811,118 1,018,241

2022 – Est1................................ 24,924 ................................ 8,293 -......... 761 1,285,811 23,123 -105,905 -140,388 -4,672 -415 3,829,949 959,797

2019 - Sept ................................ 2,007 ................................ 694 8,901 ........ 85 88,658 412 -6,375 -1,379 -476 -1 205,011 86,249

Oct................................ 1,715 ................................ 679 9,587.......... 81 93,682 3,159 -22,480 3,223 -441 - 300,962 79,026

Nov................................ 1,793 ................................ 595 8,470......... 81 98,202 3,368 -7,025 -2,183 -295 - 345,901 88,122

Dec................................ 2,346 ................................ 549 8,102......... 104 93,173 1,014 -7,112 -59,103 -672 - 302,065 47,026

Jan ................................ 1,318 ................................ 578 9,445......... 85 95,566 1,759 -6,895 -1,716 -480 - 326,440 78,443

Feb ................................ 1,489 ................................ 535 9,062......... 102 95,634 2,403 -6,741 -3,729 -115 - 334,290 88,939

Mar................................ 1,864 ................................ 538 8,988......... -1,056 91,869 2,772 -6,760 -2,767 -631 - 266,410 89,344

2020 - Apr ................................ 1,625 ................................ 522 9,286..........15,367 96,581 5,156 -6,810 -6,312 -188 - 900,847 79,038

May ................................ 1,862 ................................ 541 7,815 ........10,844 97,130 1,531 -7,449 535 48 - 481,642 90,972

Jun ................................ 1,963 ................................ 601 7,635.........511,355 101,464 -3,448 -7,927 -50,151 -221 - 1,049,284 55,619

 Jul ................................ 1,835 ................................ 677 9,443..........26,137 101,221 1,649 -6,582 -1,586 -264 - 547,234 79,253

Aug................................ 1,642 ................................ 741 8,434.........12,351 92,389 587 -6,992 -7,749 -247 - 333,469 89,764

 Sept................................ 2,072 ................................ 722 9,359......... 1,960 97,001 -2,296 -7,220 -3,677 -139 - 407,747 90,033

Fiscal year

2020 to date ................................ 21,524 ................................ 7,278 105,626 Nov577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579

Note: Detail may not add to total due to rounding.

1 These estimates are based on the President's FY 2021 Budget, released by the Office of Management and

Budget on February 10, 2020.
FEDERAL FISCAL OPERATIONS

December 2020

19

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,

September 2020 and Other Periods

[In millions of dollars. Source: Bureau of the Fiscal Service]

This fiscal year to date Prior fiscal year to date

Classification

General

funds

(1)

Management, 

consolidated, 

revolving and 

special funds

(2)

Trust

funds

(3)

 Total

 funds

 (4)

 General

 funds

 (5)

Management, 

consolidated, 

revolving and 

special funds

(6)

Trust

funds

(7)

Total

funds

(8)

Budget receipts:

Individual income taxes ................................................................1,608,487 175 - 1,608,662 1,717,735 122 - 1,717,857

Corporation income taxes............................................................. 211,845 - - 211,845 230,245 - - 230,245

Social insurance and retirement receipts:

Employment and general retirement (off-budget) ..................... - - 965,428 965,428 - - 914,302 914,302

Employment and general retirement (on-budget) ..................... - - 296,222 296,222 - - 283,092 283,092

Unemployment insurance......................................................... - - 43,104 43,104 - - 40,934 40,934

Other retirement....................................................................... - - 5,201 5,201 - - 4,787 4,787

Excise taxes ................................................................................. 28,296 1,283 57,203 86,782 33,623 1,207 64,085 98,915

Estate and gift taxes ..................................................................... 17,624 - - 17,624 16,672 - - 16,672

Customs duties............................................................................. 44,831 22,323 1,397 68,550 47,591 21,545 1,648 70,784

Miscellaneous receipts ................................................................. 94,213 20,464 1,860 116,538 59,971 23,024 1,642 84,637

Total receipts .......................................................................2,005,296 44,245 1,370,414 3,419,955 2,105,836 45,897 1,310,490 3,462,223

(On-budget).....................................................................2,005,296 44,245 404,986 2,454,527 2,105,836 45,897 396,188 2,547,921

(Off-budget)..................................................................... - - 965,428 965,428 - - 914,302 914,302

Budget outlays:

Legislative branch......................................................................... 5,317 54 -4 5,367 4,967 -11 * 4,957

Judicial branch.............................................................................. 8,045 289 -83 8,251 7,833 215 -61 7,987

Department of Agriculture............................................................. 152,653 31,582 -12 184,223 114,668 35,689 -236 150,121

Department of Commerce ............................................................ 14,563 1,303 51 15,918 9,967 1,349 8 11,324

Department of Defense-military .................................................... 687,905 2,144 370 690,419 648,607 5,122 258 653,987

Department of Education.............................................................. 204,393 22 * 204,415 104,331 33 * 104,364

Department of Energy................................................................... 33,647 -1,602 * 32,046 30,337 -1,400 * 28,936

Department of Health and Human Services..................................1,111,157 4,842 387,954 1,503,953 915,770 5,639 292,396 1,213,805

Department of Homeland Security................................................ 94,767 -2,914 110 91,963 59,372 -3,265 219 56,327

Department of Housing and Urban Development ......................... 33,366 -13 -162 33,190 29,423 -69 -167 29,188

Department of the Interior............................................................. 16,008 64 344 16,416 13,285 188 435 13,908

Department of Justice................................................................... 32,828 6,786 -7 39,607 29,794 5,295 18 35,107

Department of Labor..................................................................... 370,223 -8,736 116,043 477,530 9,895 -5,361 31,276 35,810

Department of State ..................................................................... 31,652 964 243 32,859 28,565 -1,377 811 28,000

Department of Transportation....................................................... 32,052 115 68,176 100,342 9,100 36 71,579 80,715

Department of the Treasury:

Interest on the public debt........................................................ 522,652 - - 522,652 572,913 - - 572,913

Other........................................................................................ 618,575 10,364 133 629,072 116,289 197 97 116,583

Department of Veterans Affairs..................................................... 221,968 -4,172 598 218,394 203,225 -4,305 654 199,573

Corps of Engineers....................................................................... 6,230 -258 1,659 7,631 4,666 -131 1,919 6,454

Other defense civil programs........................................................ 98,747 -3,955 -29,528 65,264 93,960 -5,767 -27,263 60,931

Environmental Protection Agency................................................. 8,432 12 279 8,723 8,159 -35 -60 8,064

Executive Office of the President.................................................. 440 * -38 402 403 25 -6 422

General Services Administration................................................... 131 -396 - -265 156 -1,257 - -1,101

International Assistance Program................................................. 24,459 -462 -2,319 21,678 22,707 -200 1,063 23,569

National Aeronautics and Space Administration ........................... 21,547 -24 1 21,524 20,213 -36 1 20,179

National Science Foundation........................................................ 7,170 126 -18 7,278 7,129 133 -7 7,255

Office of Personnel Management ................................................. 59,216 1,130 45,278 105,625 56,920 1,047 45,170 103,138

Small Business Administration...................................................... 577,415 -3 - 577,412 461 -5 - 456

Social Security Administration ...................................................... 97,991 * 1,055,923 1,153,914 93,553 * 1,008,280 1,101,833

Other independent agencies......................................................... 12,538 -891 6,003 17,650 12,039 -213 7,784 19,609

Undistributed offsetting receipts:

Interest..................................................................................... - - -135,215 -135,215 - - -149,608 -149,608

Other........................................................................................ -5,242 -9,179 -91,942 -106,363 -4,348 -9,642 -84,206 -98,196

 Total Outlays 5,100,845 27,191 1,423,837 6,551,872 3,224,362 21,895 1,200,354 4,446,611

 (On-Budget) 5,100,578 29,861 465,852 5,596,291 3,224,097 23,265 292,633 3,539,994

 (Off-Budget) 267 -2,670 957,985 955,581 265 -1,369 907,721 906,617

 Surplus (+) or Deficit (-) -3,095,549 17,054 -53,423 -3,131,917 -1,118,525 24,002 110,136 -984,388

 (On-Budget) -3,095,282 14,384 -60,866 -3,141,764 -1,118,260 22,633 103,555 -992,073

 (Off-Budget) -267 2,670 7,443 9,846 -265 1,369 6,581 7,685

-No Transactions 

* Less than $500,000

Note.—Detail may not add to totals due to rounding
FEDERAL FISCAL OPERATIONS

December 2020

20

TABLE FFO-5—Internal Revenue Receipts by State, 2020

[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

 Individual income taxes, employment taxes, and estate and trust income taxes

State

Total

Internal

Revenue

collections 1

(1)

Business

income

taxes 2

(2)

Total

(3)

Individual

Income taxes

withheld and

FICA taxes 3

(4)

Individual

income taxes

not withheld

and SECA

taxes 3

(5)

United States, total...........................................................

 3,493,067,956 263,563,107 3,139,247,422 2,456,405,369 637,660,300 

Alabama ............................................................................. 26,388,492 1,070,248 24,851,362 19,611,097 5,035,619

Alaska................................................................................. 5,506,153 97,953 5,350,457 3,954,989 1,091,494

Arizona ............................................................................... 49,306,653 3,918,675 44,363,720 33,489,225 10,483,678

Arkansas ............................................................................ 31,673,081 4,020,094 26,958,675 23,270,736 3,389,895

California ............................................................................ 467,417,992 44,076,126 414,990,788 307,451,961 104,551,883

Colorado............................................................................. 58,660,802 2,482,429 55,088,639 41,851,024 12,777,125

Connecticut ........................................................................ 52,370,769 6,718,301 45,191,129 33,126,257 11,442,575

Delaware ............................................................................ 20,587,021 3,308,193 17,049,807 14,236,992 1,398,055

District of Columbia............................................................ 31,278,730 1,744,501 29,447,118 25,923,726 2,974,727

Florida ................................................................................ 209,757,676 7,370,861 198,577,300 140,447,949 54,631,766

Georgia............................................................................... 91,396,538 7,786,101 80,929,335 65,503,354 14,720,807

Hawaii................................................................................. 8,818,255 540,505 8,056,673 5,889,002 2,096,357

Idaho .................................................................................. o 11,619,071 590,379 10,899,092 8,106,539 2,722,636

Illinois ................................................................................. 156,435,157 14,099,666 138,725,328 109,626,999 25,758,762

Indiana................................................................................ 60,403,717 4,111,222 53,969,344 46,460,575 7,244,514

Iowa.................................................................................... 24,452,164 1,070,090 23,054,500 18,975,755 3,950,884

Kansas ............................................................................... 25,260,403 878,776 22,859,682 18,103,761 4,358,929

Kentucky............................................................................. 37,396,696 2,662,567 33,214,868 28,691,001 4,292,318

Louisiana............................................................................ 35,981,000 773,098 34,775,495 28,995,197 5,555,772

Maine.................................................................................. 8,097,747 252,983 7,800,848 6,032,867 1,686,036

Maryland............................................................................. 79,672,230 3,160,376 75,945,689 63,170,963 12,026,102

Massachusetts ................................................................... 119,074,662 7,226,124 110,333,675 87,325,038 21,839,965

Michigan............................................................................. 77,707,767 3,566,075 73,360,484 59,779,054 12,905,154

Minnesota........................................................................... 99,580,005 12,296,337 83,199,868 72,959,787 9,756,053

Mississippi.......................................................................... 11,218,981 373,881 10,674,171 8,358,368 2,227,082

Missouri.............................................................................. 65,256,852 6,216,564 56,949,401 47,746,039 8,445,349

Montana ............................................................................. 6,602,563 217,632 6,356,915 4,475,102 1,802,572

Nebraska............................................................................ 23,783,547 4,688,032 18,870,572 14,999,729 2,845,840

Nevada............................................................................... 23,388,683 797,965 22,357,205 12,439,743 6,626,929

New Hampshire.................................................................. 12,118,610 192,690 11,478,694 8,329,230 2,807,737

New Jersey ........................................................................ 131,327,919 13,764,861 114,848,111 91,659,004 21,957,204

New Mexico........................................................................ 9,641,644 233,378 9,372,637 6,872,410 2,388,899

New York............................................................................ 289,387,122 31,324,284 253,905,018 190,640,687 59,222,198

North Carolina .................................................................... 86,778,544 4,765,757 81,313,631 67,066,010 13,767,485

North Dakota ...................................................................... 6,895,162 294,977 6,483,976 4,835,507 1,601,402

Ohio.................................................................................... 144,308,916 8,660,468 129,481,120 114,217,749 14,276,447

Oklahoma........................................................................... 26,747,378 918,356 22,391,274 17,515,798 4,274,023

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2020

21

TABLE FFO-5—Internal Revenue Receipts by State, 2020, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income taxes, employment taxes, and estate and trust income taxes

State

Total

Internal

Revenue

collections 1

(1)

Business

income

taxes 2

(2)

Total

(3)

Individual

Income taxes

withheld and

FICA taxes 3

(4)

Individual

income taxes

not withheld

and SECA

taxes 3

(5)

Oregon ............................................................................... 35,257,459 1,242,212 33,267,786 25,960,550 7,004,598

Pennsylvania...................................................................... 140,452,053 13,764,117 122,561,211 101,505,974 19,691,403

Rhode Island ...................................................................... 13,767,341 2,487,556 11,188,954 9,198,483 1,682,902

South Carolina ................................................................... 27,504,298 981,044 26,029,631 19,131,916 6,696,109

South Dakota ..................................................................... 8,052,555 161,289 7,806,560 4,541,160 1,642,514

Tennessee ......................................................................... 67,146,127 4,545,077 60,835,009 50,218,595 9,867,450

Texas.................................................................................. 275,485,613 14,508,511 242,548,320 184,848,354 52,856,273

Utah.................................................................................... 25,137,865 1,100,445 23,392,523 17,672,680 5,538,890

Vermont.............................................................................. 4,475,626 121,707 4,291,821 3,230,604 996,445

Virginia ............................................................................... 84,894,551 7,497,805 76,860,224 59,557,542 16,117,830

Washington ........................................................................ 101,041,925 7,771,455 91,388,620 71,879,802 18,715,770

West Virginia ...................................................................... 6,768,452 206,362 6,480,602 5,223,232 1,215,841

Wisconsin........................................................................... 50,319,025 2,939,262 46,461,749 37,273,921 8,532,090

Wyoming ............................................................................ 4,859,765 123,756 4,423,171 2,371,588 1,649,903

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................................................... 897,066 1,777 701,898 568,674 127,148

Puerto Rico ........................................................................ 3,593,629 20,022 3,455,052 2,914,358 514,167

International ....................................................................... 11,957,397 1,491,258 10,129,234 5,617,613 4,499,668

Undistributed 5.................................................................... 5,158,509 -1,671,073 3,948,452 2,551,098 1,377,029

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2020

22

TABLE FFO-5—Internal Revenue Receipts by State, 2020, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income and employment taxes-continued

State

Unemployment

insurance

taxes

(6)

Railroad

retirement

taxes

(7)

Estate

and trust

income

taxes

(8)

Estate

taxes

(9)

Gift

taxes

(10)

Excise

taxes 4

(11)

United States, total...........................................................

 6,281,575 5,172,929 33,727,249 17,115,476 1,082,111 72,059,841 

Alabama ............................................................................. 64,332 3,277 137,038 124,362 39 342,480

Alaska................................................................................. 10,983 1,200 291,789 13,174 -2 44,572

Arizona ............................................................................... 109,606 1,976 279,236 146,677 12,367 865,214

Arkansas ............................................................................ 122,270 2,848 172,926 29,791 35,324 629,197

California ............................................................................ 735,828 6,155 2,244,960 3,346,142 85,499 4,919,436

Colorado............................................................................. 97,255 19,279 343,956 326,296 2,739 760,698

Connecticut ........................................................................ 64,286 5,371 552,639 168,819 1,743 290,777

Delaware ............................................................................ 27,166 56,472 1,331,121 39,608 0 189,413

District of Columbia............................................................ 15,534 468,923 64,208 18,583 28,751 39,777

Florida ................................................................................ 417,974 552,622 2,526,990 1,978,585 87,875 1,743,055

Georgia............................................................................... 222,639 30,675 451,859 261,530 4,156 2,415,415

Hawaii................................................................................. 17,231 1 54,082 19,218 3,975 197,884

Idaho .................................................................................. o 34,037 25 35,856 37,933 8,347 83,318

Illinois ................................................................................. 271,859 332,071 2,735,637 382,734 14,377 3,213,052

Indiana................................................................................ 100,945 29,811 133,499 158,287 245 2,164,618

Iowa.................................................................................... 49,175 10,160 68,526 16,512 58 311,004

Kansas ............................................................................... 66,239 218,697 112,057 88,352 417 1,433,175

Kentucky............................................................................. 61,165 14,911 155,472 129,560 7,109 1,382,591

Louisiana............................................................................ 62,871 5,247 156,407 59,648 39 372,721

Maine.................................................................................. 18,204 4,423 59,317 14,854 101 28,961

Maryland............................................................................. 101,598 17,751 629,275 220,774 8,958 336,433

Massachusetts ................................................................... 161,146 31,421 976,105 411,755 15,797 1,087,311

Michigan............................................................................. 178,509 11,433 486,334 211,358 25,768 544,081

Minnesota........................................................................... 170,442 87,967 225,619 81,239 6,401 3,996,161

Mississippi.......................................................................... 31,420 1,928 55,373 3,414 145 167,369

Missouri.............................................................................. 119,199 106,370 532,445 181,861 8,590 1,900,436

Montana ............................................................................. 15,993 31,517 31,731 6,244 3 21,770

Nebraska............................................................................ 35,205 909,873 79,925 99,423 335 125,186

Nevada............................................................................... 45,885 77 3,244,571 99,213 23,012 111,287

New Hampshire.................................................................. 20,345 92 321,290 28,668 29,949 388,609

New Jersey ........................................................................ 187,735 180,083 864,085 203,077 25,993 2,485,877

New Mexico........................................................................ 19,766 69 91,493 18,629 71 16,931

New York............................................................................ 350,082 423,816 3,268,235 1,954,334 93,154 2,110,331

North Carolina .................................................................... 190,438 11,428 278,271 145,405 106,143 447,608

North Dakota ...................................................................... 12,812 8,181 26,074 55,810 0 60,399

Ohio.................................................................................... 235,458 25,273 726,192 233,175 9,272 5,924,881

Oklahoma........................................................................... 60,206 3,555 537,692 56,420 1,676 3,379,652

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS

December 2020

23

TABLE FFO-5—Internal Revenue Receipts by State, 2020, continued

[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income and employment taxes-continued

State

Unemployment

insurance

taxes

(6)

Railroad

retirement

taxes

(7)

Estate

and trust

income

taxes

(8)

Estate

taxes

(9)

Gift

taxes

(10)

Excise

taxes 4

(11)

Oregon ............................................................................... 71,863 16,293 214,482 258,200 15,595 473,666

Pennsylvania...................................................................... 257,446 76,045 1,030,343 571,363 4,042 3,551,320

Rhode Island ...................................................................... 25,975 10 281,584 40,170 1,386 49,275

South Carolina ................................................................... 65,892 2,026 133,689 107,657 13,532 372,435

South Dakota ..................................................................... 12,334 1,520 1,609,032 32,395 237 52,074

Tennessee ......................................................................... 169,376 2,255 577,333 105,739 12,851 1,647,452

Texas.................................................................................. 536,530 918,096 3,389,067 1,023,884 113,036 17,291,862

Utah.................................................................................... 60,537 4,386 116,031 29,915 5,069 609,912

Vermont.............................................................................. 8,471 3,173 53,129 32,540 5 29,552

Virginia ............................................................................... 162,666 513,376 508,810 308,272 22,067 206,183

Washington ........................................................................ 209,293 13,375 570,380 823,083 35,343 1,023,424

West Virginia ...................................................................... 13,475 728 27,326 36,695 0 44,792

Wisconsin........................................................................... 117,667 2,866 535,206 280,527 -8,662 646,149

Wyoming ............................................................................ 7,638 699 393,343 134,014 100,911 77,913

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ................................................................. 5,618 - 459 190,414 - 2,978

Puerto Rico .................................................................... 25,961 - 566 1,143 - 117,413

International ................................................................... 5,461 2,310 4,183 63,660 10,633 262,612

Undistributed 5................................................................ 19,532 793 - 1,704,343 107,638 1,069,149

1 Gross collections include penalties and interest in addition to taxes.

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T).

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State.

4 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991.

5 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed.

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns.

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2019 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data.

Note— Classification by State is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a State other than the State in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring State. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other State(s).

Detail may not add to totals because of rounding.

SOURCE: Chief Financial Officer, Financial Management
FEDERAL FISCAL OPERATIONS

December 2020

24

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Headquarters:

Revenue Division, Indianapolis, IN................................ $2,567,292,023.54

Preclearance, Washington, DC:

USCBP Abu Dhabi, Preclearance,

 Washington, DC............................... 07543 ......................... 117,987.92 

USCBP Vancouver, Preclearance,

 Washington, DC............................... 37922 ......................... 547,960.74 

USCBP Calgary, Preclearance,

 Washington, DC.............................. 37923 ......................... 1,098,397.41 

USCBP Edmonton,

 Preclearance, Washington, DC....... 37924 ......................... 502,926.87 

USCBP Montreal, Preclearance,

 Washington, DC.............................. 37925 ......................... 687,061.17 

USCBP Toronto, Preclearance,

 Washington, DC.............................. 37926 ......................... 1,384,868.83 

USCBP Winnipeg, Preclearance,

 Washington, DC.............................. 37928 ......................... 44,427.12 

USCBP Ottawa, Preclearance,

 Washington, DC.............................. 37929 ......................... 144,640.80 

USCBP Victoria, Preclearance,

 Washington, DC.............................. 37930 ......................... 84,168.00 

USCBP Halifax NS,

Preclearance, Washington, DC ......... 37931 ......................... 57,975.27 

USCBP St. Thomas,

 Preclearance, VI..............................447401 ......................... 97,346.81 

USCBP St. Croix,

 Preclearance, VI.............................. 47404 ......................... 10,486.10 

USCBP Bermuda, Preclearance,

 Washington, DC.............................. 47421 ......................... 28,147.54 

USCBP Nassau, Preclearance,

 Washington, DC.............................. 47423 ......................... 97,426.68 

USCBP Aruba, Preclearance,

 Washington, DC..............................47447424 47424 ......................... 93,258.50 

Dublin, IE, Preclearance,

 Washington, DC.............................. 57541 ......................... 141,679.94 

Shannon, IE, Preclearance,

 Washington, DC.............................. 57542 ......................... 6,458.24 

Total District ............................................................. 5,145,217.94 

Portland, Maine:

Portland, ME ...................................... 10101 ................................ 27,196,909.52 .................................................

Bangor, ME ........................................ 10102 ................................ ................................ 1,143,072.47 .................

Eastport, ME ...................................... 10103 ................................ ................................ 86,295.71 .................

Jackman, ME ..................................... 10104 ................................ ................................ 8,257,833.51 .................

Vanceboro, ME .................................. 10105 ................................ ................................ 2,770,169.66 .................

Houlton, ME ....................................... 10106 ................................ 15,214,624.52 .................................................

Fort Fairfield, ME................................ 10107 ................................ ................................ 19,718.13 .................

Van Buren, ME................................... 10108 ................................ ................................ 6,167,468.51 .................

Madawaska, ME................................. 10109 ................................ ................................ 32,286.33 .................

Fort Kent, ME..................................... 10110 ................................ ................................ 378,228.30 .................

Calais, ME.......................................... 10115 ................................ ................................ 4,514,551.96 .................

Limestone, ME ................................... 10118 ................................ ................................ 1,774.91 .................

Bridgewater, ME................................. 10127 ................................ ................................ 10,317.90 .................

Portsmouth, NH.................................. 10131 ................................ ................................ 1,039,131.54 .................

Belfast, ME......................................... 10132 ................................ ................................ 10,959.50 .................

Searsport, ME .................................... 10152 ................................ ................................ 3,068.41 .................

Manchester Airport, NH ....................... 10182 ................................ ................................ 167,589.13 .................

Total District ............................................................. 67,014,000.01 

St. Albans, Vermont:

St. Albans, VT .................................... 10201 ................................ ................................ 152,665.91 .................

Richford, VT ....................................... 10203 .................................................................................

115,834.53 

Beecher Falls, VT............................... 10206 .................................................................................

292,846.58 

Burlington, VT .................................... 10207 .................................................................................

166,162.50 

Derby Line, VT ................................... 10209 .................................................................................

21,333,448.91 

Norton, VT.......................................... 10211 .................................................................................

9,238,125.61 

Highgate Springs/Alburg, VT ............. 10212 .................................................................................

59,892,818.16 

Total District ............................................................. 91,191,902.20 

Boston, Massachusetts:

Boston, MA......................................... 10401 ................................520,209,024.15 .................................................

Springfield, MA................................... 10402 ................................................................ 23,956.19 .................

Worcester, MA ................................... 10403 ................................56,768,607.39 .................................................

Gloucester, MA .................................. 10404 ................................................................ 7,548.12 .................

New Bedford, MA............................... 10405 ................................34,919,269.86 .................................................

Plymouth, MA..................................... 10406 ................................................................ 1,017.40 .................

Fall River, MA................................................................ 10407 ................................ . ................................ 464,006.41 .................

Salem, MA.......................................... 10408 ................................29,678,559.73 .................................................

Bridgeport, CT.................................... 10410 ................................................................ 1,991,437.26 .................

Hartford, CT ....................................... 10411 ................................................................ 8,207,089.74 .................

New Haven, CT.................................. 10412 ................................16,022,077.18 .................................................

New London, CT ................................ 10413 ................................................................ 185,529.57 .................

Lawrence, MA .................................... 10416 ................................................................ 21,380.80 .................

Logan Airport, MA .............................. 10417 ................................135,317,105.86 .................................................

Hanscom User Fee Airport, MA......... 10481 ................................................................ 212,893.11 .................

Total District ............................................................. 804,029,502.77

Providence, Rhode Island:

Newport, RI ........................................ 10501 ................................ ................................ 176,289.05 .................

Providence, RI.................................... 10502 ................................ 93,698,610.93 .................................................

Total District ............................................................. 93,874,899.98 

Ogdensburg, New York:

Ogdensburg, NY ................................ 10701 ................................ 13,214,119.84 .................................................

Massena, NY...................................... 10704 ......................... 2,318,256.54 

Alexandria Bay, NY............................ 10708 ................................ 40,276,615. ................................ 04 .................

Champlain-Rouses Point, NY ............ 10712 ................................ 171,881,864.69 .................................................

Trout River, NY .................................. 10715 ................................ 31,050,562.85 .................................................

 Plattsburgh INTL Airport 10781 202,889.19 

Total District ............................................................. 258,944,308.15 

Buffalo, New York:

Buffalo-Niagara Falls, NY .................. 10901 ................................ 586,228,992.97 .................................................

Rochester, NY.................................... 10903 ................................ ................................ 9,892,595.97 .................

Oswego, NY....................................... 10904 ................................ ................................ 619,211.78 .................

Syracuse, NY ..................................... 10906 ................................ 18,073,978.40 .................................................

Binghamton Regional Airport, NY...... 10981 ................................ ................................ 62,570.38 .................

Griffiss International Airport, NY ........ 10982 ................................ ................................ 63,745.36 .................

Total District ......................................................................................... 614,941,094.86 

Philadelphia, Pennsylvania:

Philadelphia, PA................................. 11101 ................................ 352,702,063.95 .................................................

Chester, PA........................................ 11102 ................................ 139,361,857.80 .................................................

Wilmington, DE .................................. 11103 ................................ 26,579,149.74 .................................................

Pittsburgh, PA .................................... 11104 ................................ 128,915,535.48 .................................................

Wilkes-Barre/Scranton, PA ................ 11106 ................................ 50,435,441.24 .................................................

Philadelphia International

 Airport, PA....................................... 11108 ................................ 40,632,603.32 .................................................
FEDERAL FISCAL OPERATIONS

December 2020

25

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, continued

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Philadelphia, Pennsylvania, continued:

Harrisburg, PA....................................11109................................ ................................ 216,399,969.09 .................

Allentown, PA........................... 11119......... 17,662,102.12 

Atlantic City Airport, NJ ......................11182................................ ................................ 66,249.12 .................

Trenton/Mercer CTY Airport, PA........11183................................ ................................ 96,586.35 .................

UPS HUB, Philadelphia, PA...............11195................................ ................................ 52,846,616.82 .................

Total District ............................................................... 1,025,698,175.03 

Baltimore, Maryland:

Annapolis, MD ................................................................ 11301................................ .... ................................ 171,186.48 .................

Cambridge, MD............................................................... 11302................................ ................................ 2,631.52 .................

Baltimore, MD ....................................11303................................ 1,407,603,673.13 .................................................

Crisfield, MD.......................... .......11304............................................... 1,169.13 ...............................

BWI Airport, MD ................................11305 . ......................... 18,279,273.78 

Total District ............................................................... 1,426,057,934.04

New York, New York:

New York, NY.....................................21001................................ ................................ 349,880,471.34 .................

Albany, NY .........................................21002................................ ................................ 2,043,753.76 .................

New York/Newark Area, NJ ...............24601................................ 8,257,260,557.01 .................................................

Perth Amboy, NJ ................................24602......................... 2,098,419.51 

UPS, Newark, NJ ...............................24670................................ ................................ 29,105,935.17 .................

Federal Express ECCF, NJ................24671................................ ................................ 36,477,915.99 .................

Morristown Airport, NJ .......................24681................................ ................................ 136,695.51 .................

Stewart International Airport, NY ................................ 24682................................ ... ................................ (6,156.97) .................

John F. Kennedy Airport, NY ................................ 24701................................ ......... 1,386,726,151.08 .................................................

NYACC, NY................................................................ 24771................................ .... ................................ 573,224.30 .................

DHL Airways, NY ................................24772 ........................... ................................ ................................ 62,817,903.72 .................

Emery Worldwide, NY................................ 24773.................... ................................ ................................ 146,501.27 .................

Air France, Jamaica NY................................ 24774................................ ................. ................................ 563,116.59 .................

TNT Skypak., NY................................................................ 24778................................ ................................ 2,081.97 .................

Total District ............................................................... 10,127,826,570.25 

Great Falls, Montana:

Raymond, MT.....................................33301......................... 3,047,948.22 

Eastport, ID ........................................33302......................... 29,241,824.77 

Salt Lake City, UT ..............................33303......................... 286,208,742.96 

Great Falls, MT ..................................33304......................... 2,566,765.84 

Butte, MT............................................33305......................... 42,031.76 

Turner, MT .........................................33306......................... 47,126.46 

Denver, CO ........................................33307......................... 265,930,333.62 

Porthill, ID...........................................33308......................... 494,688.06 

Scoby, MT ..........................................33309......................... 22,682.51 

Sweetgrass, MT ................................33310 . ......................... 42,846,491.37 

Piegan, MT.........................................33316......................... 142,998.65 

Opheim, MT .......................................33317......................... 1,163.16 

Roosville, MT .....................................33318......................... 6,085,068.13 

Morgan, MT........................................33319......................... 354,814.69 

Del Bonita, MT ...................................33322......................... 108,949.92 

Wildhorse, MT ....................................33323......................... 10,847.89 

Kalispell, MT.......................................33324......................... 1,039.52 

Willow Creek, MT...............................33325......................... 2,309.90 

JEFFCO User Fee Airport, CO.........33383......................... 89,334.10 

Centennial Airport, CO.......................33384......................... 163,552.99 

Eagle County Regional

 Airport, CO ......................................33385......................... 195,897.90 

Bozeman Yellowstone, MT ................33386......................... 44,505.08 

Total District .................................................................. 637,649,117.50 

Pembina, North Dakota:

Pembina, ND......................................33401......................... 73,560,104.96 

Portal, ND...........................................33403......................... 126,140,349.20 

Neche, ND..........................................33404......................... 28,116.86 

St. John, ND.......................................33405......................... 1,231.95 

Northgate, ND ....................................33406......................... 232,088.42 

Walhalla, ND ......................................33407......................... 21,403.57 

Hannah, ND .......................................33408......................... 6.00 

Sarles, ND..........................................33409......................... 383.70 

Fargo International Airport, ND..........33411 33 ......................... 2,102,770.99 

Antler, ND...........................................33413......................... 2,478.30 

Sherwood, ND....................................33414......................... 396,164.08 

Hansboro, ND ....................................33415......................... 2,983.55 

Maida, ND ..........................................33416......................... 1,397.80 

Fortuna, ND........................................33417......................... 6,439.57 

Westhope, ND....................................33419......................... 3,394.61 

Noonan, ND .......................................33420......................... 6,102.72 

Carbury, ND .......................................33421......................... 4,993.50 

Dunseith, ND......................................33422......................... 1,254,501.12 

Warroad, MN......................................33423......................... 358,467.60 

Baudette, MN .....................................33424......................... 24,229.25 

Pinecreek, MN....................................33425......................... 281.80 

Roseau, MN .......................................33426......................... 54,118.96 

Grand Forks Airport, ND ....................33427......................... 484,003.99 

Lancaster, MN....................................33430......................... 317,727.63 

Williston Airport, ND...........................33433......................... 519.76 

Total District ............................................................... 205,004,259.89 

Minneapolis, Minnesota:

Minneapolis-St. Paul, MN ..................33501......................... 571,815,554.48 

Sioux Falls, SD...................................33502......................... 769,323.47 

Duluth, MN .........................................33510......................... 3,247,840.46 

Omaha, NE .......................................33512......................... 133,886,292.45 

Des Moines, IA...................................33513......................... 6,846,944.63 

Rochester, MN ...................................33581......................... 92,459.92 

Total District ............................................................... 716,658,415.41

International Falls, Minnesota:

International Falls, MN.......................33604......................... 271,248,730.74 

Grand Portage, MN............................33613......................... 1,299,465.94 

Total District ............................................................... 272,548,196.68 

Milwaukee, Wisconsin:

Milwaukee, WI....................................33701......................... 84,803,056.66 

Marinette, WI......................................33702......................... 1,998.48 

Green Bay, WI....................................33703......................... 677,387.48 

Manitowoc, WI....................................33706......................... 1,778.05 

Sheboygan, WI...................................33707......................... 339.68 

Racine, WI..........................................33708......................... 269,638.89 

Appleton International Airport, WI........33781......................... 67,263.55 

Total District ............................................................... 85,821,462.79 

Detroit, Michigan:

Detroit, MI...........................................33801......................... 1,253,238,489.88 

Port Huron, MI....................................33802......................... 271,732,457.71 

Sault Sainte Marie, MI........................33803......................... 16,299,228.50 

Saginaw/Bay City, MI.........................33804......................... 4,687,917.50 

Battle Creek, MI ................................33805 . ......................... 51,735.02 

Grand Rapids, MI...............................33806......................... 27,847,211.47 

Detroit Metropolitan Airport, MI..........33807......................... 124,331,414.44 

Marquette, MI .....................................33809......................... 616.52 
FEDERAL FISCAL OPERATIONS

December 2020

26

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, continued

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Detroit, MI continued:

Algonac, MI ........................................33814......................... 2,233.40 

Muskegon, MI.....................................33815......................... .. 83,611.42 

Grand Haven, MI................................33816......................... 696.33 

Oakland County Intl Airport, MI..............33881......................... 149,238.19 

Willow Run Airport, MI .......................33882......................... 199,022.44 

Capital Region Intl Airport, MI............33883......................... 371,808.23 

Total District ............................................................. 1,698,995,681.05 

Chicago, Illinois

Chicago, IL .........................................33901......................... 6,147,596,199.74 

Peoria, IL............................................33902......................... 35,909,146.18 

Gary-Chicago Intl Airport ...................33905......................... 40,245.13 

Davenport-Rock Island, IL ...................33908......................... 82,378.90 

Rockford Airport, IL ............................33909......................... 23,388,902.25 

Midway International Airport, IL .........33910......................... 260,112.05 

ECCF IBC Chicago, IL .......................33972......................... 2,786.29 

Waukegan Airport, IL .........................33981......................... 68,837.27 

Chicago Executive Airport, IL.............33983......................... 94,624.37 

Dupage Airport Authority, IL...............33984......................... 74,834.65 

Decatur Airport, IL..............................33985......................... 16,478.49 

South Bend International 

Airport, IN...........................................33986......................... 72,213.72 

DHL Chicago Hub ..............................33991......................... 2,425,518.57 

Total District ......................................................................................... 6,210,032,277.61 

Cleveland, Ohio:

Cleveland, OH....................................34101......................... 533,858,455.53 

Cincinnati, OH.......................................34102......................... 477,186,594.96 

Columbus, OH....................................34103......................... 1,180,349,946.69 

Dayton, OH ........................................34104......................... 22,266,608.21 

Toledo, OH.........................................34105......................... 68,346,891.38 

Erie, PA ..............................................34106......................... 26,966,800.13 

Northern KY (ICE)..............................34107......................... (146,426.20)

Ashtabula (Inactive), OH....................34108......................... (30,859.50)

Indianapolis, IN ..................................34110......................... 428,071,883.46 

Louisville, KY......................................34115......................... 350,907,276.29 

Owensboro-Evansville, IN..................34116......................... 64,894,866.69 

Ashtabula/Conneaut, OH...................34122......................... 247,714.13 

Fort Wayne Airport, IN .......................34183......................... 2,888,995.71 

Blue Grass Airport, KY.......................34184......................... 72,425.60 

UPS Courier Louisville, KY ................34196......................... 754,530,709.99 

DHL Courier, OH................................34197......................... 432,492,944.34 

Federal Express Hub, IN....................34198......................... 109,686,606.39 

Total District ......................................................... 4,452,591,433.80 

St. Louis, Missouri:

Kansas City, MO................................34501......................... 731,914,099.48 

St. Joseph, MO ..................................34502......................... 29.79

St. Louis, MO .....................................34503......................... 382,844,647.06 

Wichita, KS.........................................34504......................... 2,611,032.09 

Springfield, MO ..................................34505......................... 19,105,974.51 

MidAmerica Airport, MO.....................34581......................... 61,719.00 

Total District ......................................................................................... 1,136,537,501.93 

San Juan, Puerto Rico:

Aguadilla, PR .....................................44901......................... 532,531.46 

Fajardo, PR........................................44904......................... 4,152,977.11 

Mayaguez, PR....................................44907......................... 48,522.71 

Ponce, PR..........................................44908......................... 6,475,015.88 

San Juan, PR.....................................44909......................... 210,422,266.64 

San Juan International Airport, PR........44913......................... 13,296,768.41 

Total District ............................................................. 234,928,082.21

Virgin Islands of the United States:

Charlotte Amalie, VI ...........................45101......................... 15,526,976.99 

Cruz Bay, VI .......................................45102......................... 181,149.27 

Christiansted, VI................................45104 . ......................... 4,960,681.13 

Total District ............................................................. 20,668,807.39 

Miami, Florida:

Miami, FL............................................45201......................... 1,301,981,051.87 

Key West, FL......................................45202......................... 59,666.88 

Port Everglades, FL ...........................45203......................... 209,413,022.88 

West Palm Beach, FL ........................45204......................... 7,017,655.79 

Fort Pierce, FL ...................................45205......................... 25,569.70 

Miami International Airport, FL...........45206......................... 176,414,808.22 

Fort Lauderdale International

 Airport, FL .......................................45210......................... 873,630.87 

Miami International Airport UPS,

 FL (Inactive) ....................................45273......................... 69,562.72 

Marathon International Airport, FL.........45281......................... 62,706.80 

Boca Raton Airport .................................45282......................... 132,066.21 

Witham Field GAF (SUA), FL 45283......................... 205,943.27 

UPS Miami International

 Airport, FL .......................................45295......................... 969,415.93 

DHL Worldwide Express, FL..............45296......................... 13,479,297.92 

FEDEX Courier Hub Miami, FL..........45297......................... 5,158,103.09 

IBC Courier Hub Miami, FL................45298......................... 79,244.05 

Miami Seaport ALT, FL ......................45299......................... 2,460,862.23 

Total District ......................................................................................... 1,718,402,608.43 

Washington, DC:

Washington, DC................................45401 . ......................... 67,436,709.82 

Reagan National Airport.....................45402......................... 99.93 

Total District ......................................................................................... 67,436,809.75 

Norfolk, Virginia:

Norfolk, VA .........................................41401......................... 1,855,646,456.34 

Richmond-Petersburg, VA .................41404......................... 30,993,273.21 

Charleston, WV..................................41409......................... 10,261,989.04 

Front Royal, VA..................................41410......................... 624,002.28 

New River Valley Airport, VA .............41412......................... 4,856.53 

Total District ......................................................................................... 1,897,530,577.40 

Charlotte, North Carolina:

Wilmington, NC ..................................41501......................... 305,914,608.05 

Winston Salem, NC............................41502......................... 110,240,049.53 

Durham, NC .......................................41503......................... 33,326,482.65 

Beaufort-Morehead City, NC..............41511......................... 5,665,532.72 

Charlotte, NC .....................................41512......................... 216,613,925.21 

Charlotte-Monroe UFA.......................41581......................... 61,719.00 

Total District ......................................................................................... 671,822,317.16 

Charleston, South Carolina:

Charleston, SC...................................41601......................... 1,891,255,097.99 

Georgetown, SC................................41602 . ......................... 19,381.94 

Greenville-Spartanburg, SC.................41603......................... 318,999,355.07 

Columbia, SC.....................................41604......................... 13,112,032.35 

Myrtle Beach International

 Airport, SC..........................................41681......................... 63,929.40 

Total District ......................................................................................... 2,223,449,796.75 
FEDERAL FISCAL OPERATIONS

December 2020

27

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, continued

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Savannah, Georgia:

Brunswick, GA....................................41701......................... 208,718,631.64 

Savannah, GA....................................41703......................... 4,181,991,169.93 

Atlanta, GA.........................................41704......................... 1,241,171,611.48 

Albany, GA (ICE)................................41705......................... 186.78 

Dalton, GA (ICE) ................................41706......................... 168.00 

COBB County International

 Airport..............................................41781......................... 63,534.72 

Total District ..................................................................... 5,631,945,302.55 

Tampa, Florida:

Tampa, FL..........................................41801................................ ..................... 204,316,197.92

Jacksonville, FL..................................41803......................... 665,495,406.50 

Fernandina Beach, FL .......................41805......................... 101,170.58 

Orlando, FL ........................................41808......................... 31,805,368.60 

Orlando Sanford Airport, FL...............41809......................... 93,023.07 

St. Petersburg, FL..............................41814......................... 5,205,450.80 

Port Canaveral, FL.............................41816......................... 6,013,083.71 

Panama City, FL ................................41818......................... 9,273,713.24 

Pensacola, FL ....................................41819................................ ..................... 45,983,799.94 

Port Manatee, FL ...............................41821......................... 11,441,941.97 

Ft. Myers, FL ......................................41822......................... 139,726.93 

Naples Municipal Airport, FL..............41880......................... 146,779.54 

Lakeland Linder Airport, FL................41881......................... 61,719.00 

Sarasota Bradenton Airport, FL .........41883......................... 88,152.65 

Daytona Beach, International

Airport, FL .....................................41884......................... 77,396.69 

Melbourne Airport, FL ........................41885......................... 90,079.59 

Leesburg Regional Airport, FL...........41887......................... 64,708.77 

Orlando Executive Airport, FL............41888......................... 86,148.38 

St. Augustine Airport UFA, FL............41889......................... 76,614.39 

Total District ..................................................................... 980,560,482.27 

Mobile, Alabama:

Mobile, AL ..........................................51901......................... 438,790,134.91 

Gulfport, MS.......................................51902......................... 14,104,454.07 

Pascagoula, MS................................51903 . ......................... 3,971,852.95 

Birmingham, AL..................................51904......................... 44,512,925.86 

Huntsville, AL .....................................51910......................... 62,690,328.87 

Total District ..................................................................... 564,069,696.66 

New Orleans, Louisiana:

Morgan City, LA ................................52001 . ......................... 17,349,697.52 

New Orleans, LA................................52002......................... 391,872,470.96 

Little Rock, AR ...................................52003......................... 8,427,634.79 

Baton Rouge, LA................................52004......................... 9,220,007.84 

Memphis, TN......................................52006......................... 1,340,653,413.71 

Nashville, TN......................................52007......................... 425,259,071.93 

Chattanooga, TN................................52008......................... 14,819,342.26 

Gramercy, LA.....................................52010......................... 22,600,396.94 

Greenville, MS....................................52011......................... 5,279.08 

Vicksburg, MS....................................52015......................... 33,521,327.46 

Knoxville, TN......................................52016......................... 65,390,586.12 

Lake Charles, LA................................52017......................... 6,287,905.00 

Shreveport/Bossier City, LA...............52018......................... 2,137,439.61 

Port of Tri-Cities, TN...............................52027......................... 1,294.70 

Rogers Municipal Airport, AR.............52084......................... 68,460.04 

FEDEX Courier, Memphis, TN ..............52095......................... 924,892,238.18 

Total District ..................................................................... 3,262,506,566.14 

Port Arthur, Texas:

Port Arthur, TX ...................................62101......................... 32,239,284.51 

Sabine, TX ................................................................ 62102................................ ..... ................................ 332.44 .................

Orange, TX................................................................ 62103................................ ..... ................................ 1,593.92 .................

Beaumont, TX ................................................................ 62104................................ ................................ 1,942,548.24 .................

Blythe Border Patrol, CA....................62151......................... 361,368.00 

Yuma Border Patrol, AZ.....................62152......................... 20,191.46 

Wellton Border Patrol, AZ ..................62153......................... 15,673.00 

Total District ..................................................................... 34,580,991.57 

Laredo, Texas:

Border Patrol Sector HQ,

 Laredo, TX ......................................62250......................... 99,489.95 

Laredo Del Mar, TX Border 

Patrol ..................................................62251......................... 235,907.85 

Cotulla, TX Border Patrol ...................62252......................... 6,750.00 

Hebbronville, TX Border Patrol ..........62253......................... 45,514.00 

Laredo South Border Patrol ...............62254......................... 46,380.00 

Freer, TX Border Patrol......................62256......................... 8,109.00 

Zapata, TX Border Patrol ...................62258......................... 28,678.00 

Laredo West Station ..........................62259......................... 4,445.00 

Brownsville, TX ..................................62301......................... 109,775,115.84 

Del Rio, TX.........................................62302......................... 9,457,457.08 

Eagle Pass, TX ..................................62303......................... 346,435,947.23 

Laredo, TX .........................................62304......................... 876,336,561.76 

Hidalgo, TX ........................................62305......................... 156,128,701.27 

Rio Grande City, TX...........................62307......................... 1,397,654.30 

Progreso, TX......................................62309......................... 3,038,806.79 

Roma, TX ...........................................62310......................... 478,646.56 

Comstock Border Patrol, TX ..............62351......................... 14,617.06 

Carrizo Springs Border 

 Patrol, TX ........................................62352......................... 32,542.62 

Del Rio Border Patrol, TX ..................62353......................... 21,183.00 

Eagle Pass Border Patrol, TX............62354......................... 11,231.00 

Brackettville Border Patrol, TX...........62355......................... 35,762.74 

Uvalde Border Patrol, TX...................62356......................... 20,914.52 

RockSprings Border Patrol, TX 62357......................... 1,750.00 

Border Patrol Sector HQ, TX .............62361......................... 16,100.52 

Edinburg, TX (Inactive) ......................62381......................... 44,677.76 

Valley International Airport

 UFA, TX...........................................62383......................... 289,923.81 

Total District ..................................................................... 1,504,012,867.66 

El Paso, Texas:

El Paso, TX (Inactive) ........................62401......................... 86,121,204.27 

El Paso, TX ........................................62402......................... 62402 206,142,919.52 132,541,266.54

Presidio, TX........................................62403......................... 684,625.56 

Fabens, TX.........................................62404......................... 108,016.83 

Columbus, NM ...................................62406......................... 296,982.96 

Albuquerque, NM...............................62407......................... 2,171,098.92 

Santa Teresa, NM..............................62408......................... 100,203,544.96 

Total District ..................................................................... 395,728,393.02 

Nogales, Arizona:

Douglas, AZ .......................................62601......................... 1,985,919.00 

Lukeville, AZ.......................................62602......................... 102,868.91 

Naco, AZ ............................................62603......................... 114,008.04 

Nogales, AZ .......................................62604......................... 123,655,502.05 

Phoenix, AZ........................................62605......................... 113,286,468.58 

Sasabe, AZ ........................................62606......................... 27,542.10 

San Luis, AZ.......................................62608......................... 4,612,218.83 

Tucson, AZ.........................................62609......................... 3,661,289.76 
FEDERAL FISCAL OPERATIONS

December 2020

28

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, continued

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Nogales, AZ - continued

Border Patrol Sector HQ, AZ............. 62650......................... 123,476.32 

Casa Grande Border Patrol, AZ ........ 62651......................... 27,274.31 

Tucson Border Patrol, AZ.................. 62652......................... 75,048.00 

Nogales Border Patrol, AZ ................ 62653......................... 56,756.65 

Willcox Border Patrol, AZ .................. 62654......................... 72,546.00 

Douglas Border Patrol, AZ ................ 62655......................... 53,430.91 

Ajo Border Patrol, AZ......................... 62656......................... 37,166.33 

Naco Border Patrol, AZ ..................... 62657......................... 22,170.21 

Sonoita Border Patrol, AZ ................. 62658......................... 20,188.00 

Scottsdale User Fee Airport, AZ........ 62681......................... 146,421.90

Williams Gateway Airport, AZ............ 62682......................... 78,856.38 

Total District..................................................... 248,159,152.28 

Houston, Texas:

Houston, TX....................................... 65301......................... 2,786,112,247.76 

Texas City, TX ................................... 65306......................... 4,190,270.38 

Houston George Bush

 Interchange, TX.............................. 65309......................... 125,048,065.33 

Galveston, TX.................................... 65310......................... 28,598,511.99 

Freeport, TX....................................... 65311......................... 26,808,259.39 

Corpus Christi, TX ............................. 65312......................... 65,168,130.96 

Port Lavaca, TX................................. 65313......................... 196,819.76 

Hobby Airport, TX.............................. 65314......................... 18,201.73 

Border Patrol Sector HQ, TX............. 65350......................... (12,116.00)

Mercedes (Weslaco) Border

 Patrol, TX........................................ 65351......................... 13,706.89 

Falfurrias Border Patrol, TX............... 65352......................... 254,113.77 

Rio Grande City Border Patrol, TX.... 65353......................... 28,907.00 

McAllen Border Patrol, TX................. 65354......................... 36,534.57 

Brownsville Border Patrol, TX ........... 65355......................... 5,189.44 

Harlingen Border Patrol, TX .............. 65356......................... 9,615.00 

Kingsville Border Patrol, TX .............. 65357......................... 91,676.00 

Fort Brown Border Patrol, TX ............ 65358......................... 1,750.00 

Corpus Christi Border Patrol, TX 

 (Inactive)......................................... 65359......................... 500.00 

Sugar Land Regional Airport, TX ...... 65381......................... 102,152.92 

Midland, TX (Inactive)........................65382 ......................... 90,699.97 

Total District..................................................................... 3,036,763,236.86 

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX .......................... 65501......................... 2,254,543,280.62 

Amarillo, TX ....................................... 65502......................... 332.57 

Lubbock, TX....................................... 65503......................... 862,021.14

Oklahoma City, OK............................ 65504......................... 13,231,747.87 

Tulsa, OK........................................... 65505......................... 16,209,374.52 

Austin, TX .......................................... 65506......................... 26,229,277.43 

San Antonio, TX ................................ 65507......................... 19,178,848.89 

Border Patrol Sector HQ, TX............. 65550......................... 95,656.84 

Presidio Border Patrol, TX................. 65553......................... 12,750.00 

Marfa Border Patrol, TX..................... 65554......................... 57,418.84 

Sanderson Border Patrol, TX ............ 65557......................... 2,000.00 

Alpine Border Patrol, TX.................... 65558......................... 3,000.00 

Sierra Blanca Border Patrol, TX........ 65560......................... 28,675.00 

Van Horn Border Patrol, TX .............. 65561......................... 17,748.00 

Midland Border Patrol, TX ................. 65562......................... 767.00 

Midland International Airport, TX....... 65582......................... 70,957.70 

Fort Worth Alliance Airport, TX.......... 65583......................... 3,545,284.05 

Addison Airport, TX ........................... 65584......................... 114,195.37 

Collin County Regional Airport, TX...... 65585......................... 79,035.55 

Kelly Field Annex, TX ........................ 65587......................... 61,719.00 

Dallas Love Field (DAL), TX.............. 65588......................... 299,148.79 

Meacham INTL Airport ...................... 65589......................... 100,946.49 

Total District..................................................................... 2,334,744,185.67 

San Diego, California:

San Diego, CA................................... 72501......................... 83,935,850.88 

Andrade, CA ...................................... 72502......................... 237,467.27 

Calexico, CA...................................... 72503......................... 19,450.27 

San Ysidro, CA .................................. 72504......................... 2,807,940.94 

Tecate, CA......................................... 72505......................... 2,452,917.52 

Otay Mesa, CA .................................. 72506......................... 194,642,116.08 

Calexico-East, CA ............................. 72507......................... 39,923,879.65 

Indio Border Patrol, CA...................... 72551......................... 20.00 

McClellan-Palomar Airport, CA ........ 72581......................... 214,209.34 

Brown Field Border Patrol, CA .......... 75653......................... 2,020.00 

Total District..................................................................... 324,235,871.95 

Los Angeles, California:

Los Angeles, CA................................ 72704......................... 18,911,651,360.22 

Port San Luis Harbor, CA.................. 72707......................... 23,577.00 

Long Beach, CA ................................ 72709......................... 126,889,076.02 

Long Beach, CA (Inactive) 72711......................... 23.54 

Port Hueneme, CA ............................ 72713......................... 117,660,650.13 

Morro Bay, CA............................................. 72719......................... 2,717.04 

Los Angeles Int Airport, CA........................ 72720......................... 1,729,574,376.23 

Ontario Intl Airport, CA................................ 72721......................... 1,314,614.10 

Las Vegas, NV................................... 72722......................... 36,642,282.57 

TNT Express Worldwide, CA............. 72775......................... 546,733.53 

Int’l Bonded Couriers, CA..................... 72776......................... 118,752.72 

Micom, CA ......................................... 72777......................... 303,001.39 

Palm Springs User Fee, CA .............. 72781......................... 116,821.74 

San Bernardino User Fee Airport, CA...... 72782......................... 235,772.38 

So. Calif Logistics Air, CA .................... 72783......................... 13,197,440.52 

72787 Los Angeles, CA..................... 72787......................... 660,112.92 

Van Nuys, CA (UFA) ......................... 72788......................... 196,484.96 

DHL HUB, CA.................................... 72791......................... 144,072,298.38 

UPS Ontario, Los Angeles, CA ......... 72795......................... 103,066,845.33 

Total District............................................................. 21,186,272,940.72 

San Francisco, California:

San Francisco International

 Airport, CA ..................................... 72801......................... 354,052,334.83 

Eureka, CA ........................................ 72802......................... 9,483.83 

Fresno, CA......................................... 72803......................... 41,677,232.59 

Monterey, CA..................................... 72805......................... 9,814.48 

San Francisco, CA............................. 72809......................... 2,231,022,908.53 

Stockton, CA...................................... 72810......................... 8,649,212.29 

Oakland, CA ...................................... 72811......................... 121,520,224.30 

Richmond, CA.................................... 72812......................... 2,165,523.60 

Crockett, CA ...................................... 72815......................... 91.37 

Sacramento, CA (Inactive) ............... 72816......................... 890,982.00 

Martinez, CA...................................... 72820......................... 141,192.74 

Redwood City, CA ............................. 72821......................... 2.14 

San Pablo Bay, CA............................ 72829......................... 4,545.77 

Carquinez Strait, CA.......................... 72830......................... 5,630,834.51 

Reno, NV ........................................... 72833......................... 21,688,214.06 

San Jose International Airport, CA.... 72834......................... 13,015,176.80 

Sacramento International Airport, CA....... 72835......................... 11,312,599.20 

Fresno Yosemite Airport, CA............. 72882......................... 377,693.36 

FEDEX Courier Facility, CA .............. 72895......................... 124,086,540.23 

Total District..................................................................... 2,936,254,606.63 
FEDERAL FISCAL OPERATIONS

December 2020

29

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees

by Districts and Ports, continued

[Source: U.S. Customs and Border Protection]

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

District and Port

of Collection

Port

Code

Collection

Fiscal Year

2020

Portland, Oregon:

Astoria, OR ........................................ 72901......................... 1,005,530.04 

Newport, OR...................................... 72902......................... 2,731.66 

Coos Bay, OR.................................... 72903......................... 125,545.75 

Portland, OR...................................... 72904......................... 484,757,784.15 

Longview, WA.................................... 72905......................... 20,437,309.18 

Boise, ID ............................................ 72907......................... 707,061.13 

Vancouver, WA.................................. 72908......................... 19,101,301.11 

Kalama, WA....................................... 72909......................... 2,504,274.23 

Portland International Airport, OR..... 72910......................... 3,338,119.52 

Brush, CO (ICE) ............................... 72919......................... 107,000.00 

Medford, OR, (Inactive) ..................... 72982......................... 4,861,376.00 

Hillsboro Airport, OR.......................... 72983......................... 78,371.25 

Total District..................................................................... 537,026,404.02 

Seattle, Washington:

Seattle, WA........................................ 73001......................... 1,194,310,295.72 

Tacoma, WA...................................... 73002......................... 1,315,553,871.14 

Aberdeen, WA ................................... 73003......................... 1,533,714.02 

Blaine, WA......................................... 73004......................... 250,184,124.12 

Bellingham, WA ................................. 73005......................... 5,298,347.97 

Everett, WA........................................ 73006......................... 11,465,569.93 

Port Angeles, WA .............................. 73007................................ ..................... 257,007.78 

Port Townsend, WA........................... 73008................................ ..................... 1,561.76 

Sumas, WA........................................ 73009................................ ..................... 88,033,505.61 

Anacortes, WA................................... 73010................................ ..................... 4,307,750.48 

Nighthawk, WA .................................. 73011......................... 16,088.81 

Danville, WA ...................................... 73012......................... 210,928.31 

Ferry, WA........................................... 73013......................... 799.30 

Friday Harbor, WA............................. 73014......................... 295,692.92 

Boundary, WA.................................... 73015......................... 3,270,180.52 

Laurier, WA........................................ 73016......................... 11,638,153.08 

Point Roberts, WA............................. 73017......................... 359,608.01 

Oroville, WA....................................... 73019......................... 21,268,754.18 

Frontier, WA....................................... 73020......................... 1,270,355.40 

Spokane, WA..................................... 73022......................... 8,601,330.30 

Lynden, WA ....................................... 73023......................... 250,492.69 

Metaline Falls, WA............................. 73025......................... 975,249.17 

Olympia, WA...................................... 73026......................... 40,394.29 

Neah Bay, WA ................................... 73027......................... 42.00 

Seattle-Tacoma International

 Airport, WA ..................................... 73029......................... 79,328,316.56 

UPS, Seattle, WA .............................. 73071......................... 4,365,903.79 

Grant County Airport, Moses

 Lake, WA ........................................ 73082......................... 5,066,544.93

Total District..................................................................... 3,007,904,582.79 

Anchorage, Alaska:

Juneau, AK ........................................ 73101......................... 87,036.03 

Ketchikan, AK .................................... 73102......................... 127,944.51 

Skagway, AK ..................................... 73103......................... 20,120.15 

Alcan, AK........................................... 73104......................... 1,284,792.07 

Wrangell, AK...................................... 73105......................... 775.00 

Dalton Cache, AK.............................. 73106......................... 17,742.01 

Fairbanks, AK .................................... 73111......................... 9,731.03 

Sitka, AK............................................ 73115......................... 1,849.94 

Anchorage, AK................................... 73126......................... 11,418,461.66 

Federal Express Courier, AK............. 73195......................... 248,675,466.97 

UPS Courier Hub, AK........................ 73196......................... 833,273.18 

Total District..................................................................... 262,477,192.55 

Honolulu, Hawaii:

Honolulu, HI....................................... 73201......................... 57,138,818.38 

Hilo, HI ............................................... 73202......................... 82,788.89 

Kahului, HI ......................................... 73203......................... 121,813.18 

Nawiliwili-Port Allen, HI...................... 73204......................... 767.59 

Honolulu Airport, HI ........................... 73205......................... 6,457,527.24 

Kona, HI............................................. 73206......................... 19,677.78 

Honolulu FEDEX Corp 73279......................... 42,329,825.91 

Total District..................................................................... 106,151,218.97 

Guam

Guam................................................. 73207......................... 22,465.90 

Total District..................................................................... 22,465.90 

Total Customs and Border Protection Collections

for fiscal year 2020 ................................................................ 85,685,509,132.73 ............................................................
December 2020

30

INTRODUCTION: Federal Debt

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.”

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.)

• Table FD-2 categorizes by type, that is, marketable

and nonmarketable, the total public debt securities 

outstanding that are held by the public.

• In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities.

• Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”)

• Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt.

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988.

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs.

• In table FD-6, the debt ceiling is compared with the

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling.

• Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public.
FEDERAL DEBT

December 2020

31

TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Amount outstanding

Securities held by

Government accounts The public

Total

(1)

Public debt

securities

(2)

Agency

securities

(3)

Total

(4)

Public debt

securities

(5)

Agency

securities

(6)

Total

(7)

Public debt 

securities

(8)

Agency

securities

(9)

2016.......................................19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363

2017.......................................20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368

2018.......................................21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822

2019.......................................22,740,857 22719402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455

2020.......................................26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2019 - Sept ............................22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

Oct .............................23,029,685 23,008,410 21,275 6,010,478 6,010,478 - 17,019,207 16,997,932 21,275 

Nov.............................23,097,400 23,076,199 21,201 5,953,691 5,953,691 - 17,143,709 17,122,508 21,201 

Dec.............................23,222,591 23,201,380 21,211 6,013,988 6,013,988 - 17,208,603 17,187,392 21,211 

2020 - Jan..............................23,708,055 23,686,871 21,184 5,994,397 5,994,397 - 17,713,658 17,692,474 21,184 

Feb.............................23,430,714 23,409,959 20,755 5,980,003 5,980,003 - 17,450,711 17,429,956 20,755 

Mar.............................23,244,893 23,223,813 21,080 5,995,035 5,995,035 - 17,249,858 17,228,778 21,080 

 Apr .............................24,995,281 24,974,172 21,109 5,902,393 5,902,393 - 19,092,888 19,071,779 21,109 

May ............................25,766,665 25,746,260 20,405 5,914,931 5,914,931 - 19,851,734 19,831,329 20,405 

June ...........................26,498,260 26,477,241 21,019 5,928,866 5,928,866 - 20,569,394 20,548,375 21,019 

 July ............................26,545,875 26,524,953 20,922 5,872,303 5,872,303 - 20,673,572 20,652,650 20,922 

Aug.............................26,966,120 26,945,391 20,729 5,888,362 5,888,362 - 21,077,758 21,057,029 20,729 

Sept............................26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

End of fiscal

year or month

Federal debt securities Securities held by Government accounts Securities held by the public

Amount 

outstanding 

face value

(10)

Net 

unamortized 

premium 

and discount

(11)

Accrual

amount

(12)

Amount 

outstanding 

face value

(13)

Net 

unamortized 

premium 

and discount

(14)

Accrual

amount

(15)

Amount 

outstanding 

face value

(16)

Net 

unamortized 

premium 

and discount

(17)

Accrual

amount

(18)

2016 ....................................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425

2017 ....................................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725

2018 ....................................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183

2019 ....................................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792

2020 ....................................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071

2019 - Sept ............................ 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792

Oct.............................. 23,029,685 84,625 22,945,058 6,010,478 28,048 5,982,431 17,019,207 56,577 16,962,628

Nov............................. 23,097,400 83,469 23,013,930 5,953,691 27,851 5,925,840 17,143,709 55,618 17,088,090

Dec............................. 23,222,591 82,471 23,140,119 6,013,988 27,727 5,986,261 17,208,603 54,744 17,153,857

2020 - Jan .............................. 23,708,055 82,287 23,162,605 5,994,397 27,547 5,966,850 17,713,658 54,740 17,195,755

Feb ............................. 23,430,714 82,218 23,348,496 5,980,003 27,382 5,952,621 17,450,711 54,836 17,395,874

Mar............................. 23,244,893 75,753 23,632,301 5,995,035 26,572 5,968,463 17,249,858 49,181 17,663,838

 Apr ............................. 24,995,281 68,969 24,926,311 5,902,393 26,448 5,875,945 19,092,888 42,521 19,050,367

May ............................ 25,766,665 67,790 25,698,875 5,914,931 26,410 5,888,520 19,851,734 41,380 19,810,354

June ........................... 26,498,260 69,075 26,429,184 5,928,866 26,308 5,902,557 20,569,394 42,767 20,526,627

 July............................. 26,545,875 66,675 26,479,200 5,872,303 26,144 5,846,159 20,673,572 40,531 20,633,041

Aug............................. 26,966,120 65,379 26,684,185 5,888,362 25,969 5,862,392 21,077,758 39,410 20,821,793

Sept............................ 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071
FEDERAL DEBT

December 2020

32

Nonmarketable, continued

End of fiscal

year or month

U.S. savings 

securities

(9)

Depositary

compensation

securities

(10)

Foreign

series 

(11)

Government 

account series

(12)

State and local 

government 

series

(13)

Domestic

series

(14)

Other

(15)

2016 ....................................... 167,524 - 264 226,349 109,211 29,995 1,777

2017 ....................................... 161,705 - 264 223,787 80,359 29,995 1,641

2018 ....................................... 156,809 - 264 250,680 71,753 29,995 1,575

2019 ....................................... 152,355 - 264 248,052 53,809 29,995 1,981

2020 ....................................... 148,677 - 264 291,831 106,607 116,100 2,523

2019 - Sept ............................ 152,355 - 264 248,052 53,809 29,995 1,981

Oct.............................. 152,088 - 264 249,394 62,591 25,473 2,040

Nov............................. 151,842 - 264 253,800 68,865 25,473 1,999

Dec............................. 151,347 - 264 255,668 77,752 25,473 2,045

2020 - Jan .............................. 150,729 - 264 264,487 73,720 25,473 2,044

Feb ............................. 150,369 - 264 263,845 76,748 25,473 2,003

Mar............................. 150,008 - 264 273,375 84,402 25,473 2,112

 Apr ............................. 150,101 - 264 276,049 87,257 25,473 2,454

May ............................ 150,083 - 264 282,214 88,608 80,724 2,432

June ........................... 149,819 - 264 283,020 89,242 121,107 2,383

 July............................. 149,448 - 264 288,268 91,851 116,089 2,389

Aug............................. 149,077 - 264 289,279 95,901 116,094 2,474

Sept............................ 148,677 - 264 291,831 106,607 116,100 2,523

TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal

year or month

Total public 

debt securities 

outstanding

(1)

Marketable

Nonmarketable 

Total

(8)

Total

(2)

 Bills

 (3)

Notes

(4)

Bonds

(5)

Treasury 

inflationprotected 

securities

(6)

Floating

rate

notes

(7)

2016 ................................14,173,424 ....... 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120

2017 ................................14,673,429 ....... 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752

2018 ................................15,761,155 ....... 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077

2019 ................................16,809,092 ....... 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455

2020 ................................21,018,952 ....... 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002

2019 - Sept ............................ 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455

Oct.............................. 16,981,311 16,489,460 2,455,312 9,826,407 2,329,496 1,473,489 404,755 491,851

Nov............................. 17,105,421 16,603,177 2,514,687 9,821,958 2,357,221 1,486,555 422,756 502,243

Dec............................. 17,170,442 16,657,894 2,416,417 9,920,786 2,373,513 1,506,394 440,783 512,549

2020 - Jan .............................. 17,212,635 16,695,918 2,403,862 9,990,403 2,390,076 1,498,585 412,991 516,717

Feb ............................. 17,413,050 16,894,347 2,564,220 9,985,777 2,408,017 1,505,312 431,020 518,703

Mar............................. 17,674,771 17,139,137 2,657,089 10,084,217 2,424,353 1,524,472 449,006 535,634

 Apr ............................. 19,053,619 18,512,020 4,000,897 10,155,648 2,441,632 1,492,075 421,767 541,599

May ............................ 19,812,782 19,208,457 4,629,046 10,168,689 2,467,632 1,501,322 441,767 604,324

June ........................... 20,530,278 19,884,443 5,078,833 10,306,753 2,528,444 1,508,647 461,767 645,835

 July............................. 20,634,400 19,986,091 5,078,133 10,419,742 2,567,981 1,485,915 434,322 648,308

Aug............................. 20,822,038 20,168,949 5,075,875 10,516,332 2,619,323 1,501,097 456,322 653,089

Sept............................ 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002
FEDERAL DEBT

December 2020

33

 

End of fiscal 

year or month

Federal

Old-Age and 

Survivors 

Insurance

Trust Fund

(10)

Federal 

Savings

and Loan

Corporation, 

Resolution 

Fund

(11)

Federal 

Supplementary 

Medical 

Insurance

Trust Fund

(12)

Highway

Trust

Fund

(13)

National 

Service Life

Insurance 

Fund

(14)

Postal

Service

Fund

(15)

Railroad 

Retirement 

Account

(16)

Unemployment 

Trust

Fund

(17)

Other

(18)

2016 ................................ 2,796,712 ....... 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

2017 ................................ 2,820,200 ....... 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

2018 ................................ 2,801,254 ....... 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817

2019 ................................ 2,804,396 ....... 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2020 ................................ 2,811,213 ....... 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2019 - Sept ............................ 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

Oct.............................. 2,792,768 875 108,825 26,284 2,407 8,864 621 83,392 1,753,441

Nov............................. 2,776,958 876 89,164 25,404 2,358 7,987 431 85,343 1,757,615

Dec............................. 2,804,355 878 108,069 25,225 2,362 8,774 436 83,826 1,746,515

2020 - Jan .............................. 2,814,717 880 89,053 25,088 2,302 9,137 746 81,737 1,754,162

Feb ............................. 2,802,598 881 95,640 24,754 2,258 9,264 557 82,797 1,755,847

Mar............................. 2,796,581 881 116,046 24,079 2,197 9,852 625 78,585 1,765,097

 Apr ............................. 2,813,811 881 83,543 23,106 2,144 14,181 641 72,764 1,765,517

May ............................ 2,802,004 881 92,743 18,823 2,096 13,214 436 104,546 1,771,971

June ........................... 2,838,213 881 91,700 16,526 2,086 13,692 419 80,744 1,762,356

 July............................. 2,831,581 881 69,275 14,562 2,041 14,526 678 59,353 1,810,610

Aug............................. 2,816,601 881 93,135 13,643 1,999 15,078 408 52,642 1,755,640

Sept............................ 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

Note—Detail may not add to totals due to rounding.

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal 

year or month

Total

(1)

Airport and

Airway

Trust Fund

(2)

Deposit 

Insurance 

Fund

(3)

Employees

Life

Insurance

Fund

(4)

Exchange 

Stabilization 

Fund

(5)

Federal 

Disability 

Insurance 

Trust Fund

(6)

Federal 

employees 

retirement

funds

(7)

Federal 

Hospital 

Insurance 

Trust Fund

(8)

Federal

Housing

Administration

(9)

2016 ................................ 5,604,069 ....... 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 ................................ 5,771,144 ....... 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2018 ................................ 5,977,617 ....... 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 ................................ 6,133,658 ....... 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 ................................ 6,174,279 ....... 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937

2019 - Sept ............................ 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601

Oct.............................. 6,251,829 14,927 103,614 48,213 22,657 94,144 945,609 193,875 51,313

Nov............................. 6,200,010 15,085 98,691 48,334 22,633 92,267 942,179 182,772 51,913

Dec............................. 6,262,363 15,355 104,429 48,399 22,664 93,138 951,540 193,967 52,431

2020 - Jan .............................. 6,251,581 15,374 104,142 48,457 22,694 94,566 947,166 188,341 53,019

Feb ............................. 6,236,576 15,796 101,623 48,472 22,677 93,582 942,900 183,032 53,898

Mar............................. 6,261,804 15,947 106,056 48,475 22,688 93,627 938,641 189,079 53,348

 Apr ............................. 6,173,018 15,617 105,526 48,490 12,689 96,229 934,058 129,922 53,899

May ............................ 6,192,110 12,151 104,432 48,551 11,171 95,208 930,731 128,684 54,468

June ........................... 6,208,461 11,270 107,107 48,598 11,172 98,357 941,296 130,290 53,754

 July............................. 6,208,461 10,144 107,265 48,614 11,173 97,529 936,952 126,392 66,885

Aug............................. 6,157,049 9,271 107,742 49,126 11,169 96,485 932,709 133,207 67,313

Sept............................ 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937
FEDERAL DEBT

December 2020

34

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Total

outstanding

(1)

Department of

Housing and 

Urban 

Development 

Federal Housing

Administration

(2)

Architect

of the

Capitol

(3)

Other

independent

Tennessee

Valley Authority

(4)

National Archives

and Records

Administration

(5)

Other/Federal

Communications

Commission

(6)

2016 ....................................... 24,367 19 98 24,175 75 *

2017 ....................................... 24,369 19 89 24,209 52 *

2018 ....................................... 22,822 19 80 22,696 27 *

2019 ....................................... 21,455 19 69 21,367 * *

2020 ....................................... 20,151 19 58 20,075 * *

2019 - Sept ............................ 21,455 19 69 21,367 * *

Oct.............................. 21,275 19 70 21,187 * *

Nov............................. 21,201 19 70 21,113 * *

Dec............................. 21,211 19 71 21,122 * *

2020 - Jan .............................. 21,080 19 71 20,991 * *

Feb ............................. 20,755 19 63 20,674 * *

Mar............................. 21,184 19 63 21,102 * *

 April............................. 21,109 19 64 21,027 * *

May ............................ 20,405 19 64 20,322 * *

June ........................... 21,019 19 65 20,935 * *

 July............................. 20,922 19 65 20,838 * *

Aug............................. 20,729 19 57 20,653 * *

Sept............................ 20,151 19 58 20,075 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000.
FEDERAL DEBT

December 2020

35

TABLE FD-5—Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

End of fiscal

year or month

Amount 

outstanding

privately held

(1)

Maturity classes

Within

1 year

(2)

1-5

years

(3)

5-10

years

(4)

 10-20

 years

 (5)

 20 years

 or more

 (6)

Average length

(months)

(7)

2016 ....................................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63

2017 ....................................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66

2018 ....................................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65

2019 ....................................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65

2020 ....................................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2019 - Sept............................. 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65

Oct.............................. 14,329,755 4,218,925 5,818,033 2,649,408 104,887 1,538,503 65

Nov ............................. 14,287,972 4,253,343 5,788,593 2,585,783 118,194 1,542,059 65

Dec ............................. 14,344,337 4,105,461 5,922,961 2,643,163 118,184 1,554,568 66

2020 - Jan .............................. 14,299,621 4,070,628 5,935,495 2,607,084 118,121 1,568,294 66

Feb ............................. 14,338,845 4,185,011 5,910,707 2,533,876 148,778 1,560,473 66

Mar ............................. 13,886,350 4,160,444 5,690,478 2,437,426 132,608 1,465,394 65

 Apr.............................. 14,548,307 5,389,092 5,363,115 2,288,900 125,449 1,381,751 58

May............................. 15,017,875 5,985,793 5,307,002 2,224,677 129,382 1,371,021 56

June............................ 15,687,979 6,416,071 5,442,307 2,287,195 166,049 1,376,357 55

 July............................. 15,705,195 6,414,454 5,430,892 2,293,832 182,551 1,383,466 55

Aug ............................. 15,807,471 6,412,882 5,504,849 2,275,322 220,413 1,394,003 56

Sept............................ 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56

Note—Detail may not add to totals due to rounding. 
FEDERAL DEBT

December 2020

36

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal

year or month

Statutory debt 

limit

(1)

Debt subject to limit Securities outstanding Securities

not subject

to limit

 (7)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 

2019 – Sept2........................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

Oct2............................. - 22,961,750 22,961,750 - 23,008,410 - 46,659 

Nov2............................ - 23,030,572 23,030,572 - 23,076,199 - 45,627 

Dec3............................ - 23,155,700 23,155,700 - 23,201,380 - 45,680 

2020 – Jan3............................ - 23,180,804 23,180,804 - 23,223,813 - 43,009 

Feb4............................ - 23,370,134 23,370,134 - 23,409,959 - 39,826 

Mar4............................ - 23,654,178 23,654,178 - 23,686,871 - 32,693 

 Apr4............................ - 24,944,144 24,944,144 - 24,974,172 - 30,028 

May4........................... - 25,716,563 25,716,563 - 25,746,260 - 29,697 

June4.......................... - 26,450,464 26,450,464 - 26,477,241 - 26,777 

 July4............................ - 26,500,106 26,500,106 - 26,524,953 - 24,847 

Aug4............................ - 26,702,456 26,702,456 - 26,728,836 - 26,380 

Sept4........................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the 

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 

31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to 

$19,808,772,381,624.74.

(2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental 

Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory 

Debt Limit was suspended through December 8, 2017.

(3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Supplemental Appropriations for the Disaster Relief Requirements Act 2017,

Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 

2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased 

effective December 9, 2017, to $20,455,999,906,400.12.

(4) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019.
FEDERAL DEBT

December 2020

37

TABLE FD-7—Treasury Holdings of Securities Issued

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Total

(1)

Department of Agriculture

Farm-Service

Agency

(2)

Rural Utilities 

Service

(3)

Rural Housing

and Community

Development

Service

(4)

Rural Business 

and Cooperative 

Development 

Service

(5)

Foreign 

Agricultural

Service

(6)

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2019 - Sept ............................ 1,570,919 39,017 21,041 29,605 660 432

Oct.............................. 1,604,873 24,801 21,159 29,783 664 432

Nov............................. 1,614,629 34,384 21,284 30,048 666 432

Dec............................. 1,619,796 37,700 21,454 30,203 669 432

2020 - Jan .............................. 1,633,513 32,843 21,513 30,439 673 432

Feb ............................. 1,638,310 36,525 21,563 30,664 675 432

Mar............................. 1,670,273 35,200 20,267 30,021 554 432

 Apr ............................. 1,707,721 34,967 20,403 29,145 559 432

May ............................ 1,826,820 41,370 20,513 29,308 560 432

June ........................... 1,917,615 41,707 20,689 29,438 568 432

 July............................. 1,916,562 26,972 20,689 29,438 568 432

Aug............................. 1,915,906 29,683 21,271 29,936 612 363

Sept............................ 1,813,390 43,575 21,396 30,483 637 363

Department

of Energy

Department of Housing

and Urban Development

Department

of the Treasury

End of fiscal

year or month

Department of

Education

(7)

Bonneville Power

Administration

(8)

Federal Housing

Administration

(9)

Other Housing

programs

(10)

Federal

Financing Bank

(11)

2016 ....................................... 1,126,370 4,759 30,318 128 59,043

2017 ....................................... 1,178,495 5,009 27,954 128 61,270

2018 ....................................... 1,258,499 5,531 24,709 134 61,584

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2019 - Sept ............................ 1,287,510 5,280 30,386 24 63,751

Oct ............................. 1,334,055 5,380 30,386 24 64,087

Nov............................. 1,333,325 5,630 30,386 25 64,306

Dec............................. 1,333,325 5,530 30,386 25 65,060

2020 - Jan.............................. 1,350,827 5,530 30,386 25 65,200

Feb............................. 1,350,827 5,530 30,386 25 65,670

Mar............................. 1,368,364 5,530 44,722 25 66,520

 Apr ............................. 1,376,702 5,770 44,722 25 70,921

May ............................ 1,376,702 5,820 44,722 25 71,430

June ........................... 1,306,769 5,870 44,722 25 72,370

 July ............................ 1,327,515 5,842 44,722 25 72,308

Aug............................. 1,327,500 5,887 51,817 23 72,178

Sept............................ 1,249,871 5,649 44,722 30 71,373
FEDERAL DEBT

December 2020

38

TABLE FD-7—Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies, continued

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Export-Import

Bank of the

United States

(12)

Railroad

Retirement

Board

(13)

Small Business

Administration

(14)

Other

(15)

2016 ....................................... 22,725 3,498 7,176 62,989

2017 ....................................... 25,022 3,577 8,020 56,308

2018 ....................................... 24,645 3,712 7,693 63,739

2019 ....................................... 20,213 3,725 11,212 56,699

2020 ....................................... 15,388 4,384 176,174 149,345

2019 - Sept ............................ 16,946 3,934 11,810 60,523

Oct.............................. 16,946 4,337 11,810 61,009

Nov............................. 16,946 4,671 11,334 61,192

Dec............................. 16,946 5,062 11,334 61,670

2020 - Jan .............................. 16,946 5,454 11,334 61,911

Feb ............................. 16,946 5,734 11,334 61,999

Mar............................. 16,946 6,086 13,437 62,169

 Apr ............................. 16,946 6,475 38,074 62,580

May ............................ 16,946 6,870 68,084 144,038

June ........................... 16,946 3,021 218,115 156,943

 July............................. 16,946 3,490 218,115 149,500

Aug............................. 15,388 3,903 218,149 139,196

Sept............................ 15,388 4,384 176,174 149,345

Note—Detail may not add to totals due to rounding.
39

December 2020

INTRODUCTION: Bureau of the Fiscal Service Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities.

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday.

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities.

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented.

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly.

TREASURY FINANCING: JULY-SEPTEMBER

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

JULY

Auction of 119-Day Cash Management Bills

On June 25, 2020, Treasury announced it would 

auction $35,000 million of 119-day bills. They were 

issued July 2 and will mature October 29. The issue 

was to raise new cash of approximately $175,000 

million. Treasury auctioned the bills on June 30. 

Tenders totaled $110,913 million; Treasury accepted 

$35,000 million, including $18 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.155 percent. 

Auction of 42-Day Cash Management Bills

On June 25, 2020, Treasury announced it would 

auction $35,000 million of 42-day bills. They were 

issued July 2 and matured August 13. The issue was to 

raise new cash of approximately $175,000 million. 

Treasury auctioned the bills on June 30. Tenders 

totaled $114,545 million; Treasury accepted $35,000 

million, including $21 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.130 percent. 

Auction of 105-Day Cash Management Bills

On June 30, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued July 7 and will mature October 20. The issue 

was to raise new cash of approximately $145,000 

million. Treasury auctioned the bills on July 1. 

Tenders totaled $97,664 million; Treasury accepted 

$25,001 million, including $6 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 154-Day Cash Management Bills

On June 30, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued July 7 and will mature December 8. The issue 

was to raise new cash of approximately $145,000 

million. Treasury auctioned the bills on July 1. 

Tenders totaled $95,424 million; Treasury accepted 

$30,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.155 percent. 
40

December 2020

Auction of 42-Day Cash Management Bills

On July 2, 2020, Treasury announced it would 

auction $35,000 million of 42-day bills. They were 

issued July 9 and matured August 20. The issue was to 

raise new cash of approximately $175,000 million. 

Treasury auctioned the bills on July 7. Tenders totaled 

$116,121 million; Treasury accepted $35,000 million, 

including $14 million of noncompetitive tenders from 

the public. The high bank discount rate was 0.125 

percent.

Auction of 119-Day Cash Management Bills

On July 2, 2020, Treasury announced it would 

auction $35,000 million of 119-day bills. They were 

issued July 9 and will mature November 5. The issue 

was to raise new cash of approximately $175,000 

million. Treasury auctioned the bills on July 7. 

Tenders totaled $111,200 million; Treasury accepted 

$35,000 million, including $7 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.150 percent. 

Auction of 3-Year Notes

On July 2, 2020, Treasury announced it would 

auction $46,000 million of 3-year notes. The issue was 

to refund $54,366 million of securities maturing July 

15 and to raise new cash of approximately $39,634 

million. 

The 3-year notes of Series AP-2023 were dated 

and issued July 15. They are due July 15, 2023, with 

interest payable on January 15 and July 15 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon Eastern Time (ET) for noncompetitive 

tenders and before 1:00 p.m. ET for competitive 

tenders on July 7. Tenders totaled $112,214 million; 

Treasury accepted $46,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 0.190 

percent with an equivalent price of $99.805647. 

Treasury accepted in full all competitive tenders at 

yields lower than 0.190 percent. Tenders at the high 

yield were allotted 82.90 percent. The median yield 

was 0.160 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors 

totaled $45,883 million. 

In addition to the $46,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,036 million from FRBs for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) 

of notes of Series AP-2023 is $100. 

Auction of 9-Year 10-Month 0-5/8 Percent

Notes

On July 2, 2020, Treasury announced it would 

auction $29,000 million of 9-year 10-month 0-5/8 

percent notes. The issue was to refund $54,366 million 

of securities maturing July 15 and to raise new cash of 

approximately $39,634 million. 

The 9-year 10-month 0-5/8 percent notes of Series 

C-2030 were dated May 15 and issued July 15. They 

are due May 15, 2030, with interest payable on 

November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 8. 

Tenders totaled $76,068 million; Treasury accepted 

$29,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.653 percent with an equivalent price of 

$99.733486. Treasury accepted in full all competitive 

tenders at yields lower than 0.653 percent. Tenders at 

the high yield were allotted 79.05 percent. The median 

yield was 0.611 percent, and the low yield was 0.500 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors 

totaled $28,996 million. Accrued interest of $1.03601 

per $1,000 must be paid for the period from May 15 to 

July 15. 

In addition to the $29,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,544 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2030 is $100. 

Auction of 29-Year 10-Month 1-1/4 Percent

Bonds

On July 2, 2020, Treasury announced it would 

auction $19,000 million of 29-year 10-month 1-1/4 

percent bonds. The issue was to refund $54,366 

million of securities maturing July 15 and to raise new 

cash of approximately $39,634 million. 

The 29-year 10-month 1-1/4 percent bonds of May 

2050 were dated May 15 and issued July 15. They are 

due May 15, 2050, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 9. 

Tenders totaled $47,499 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.330 percent with an equivalent price of 
41

December 2020

$98.034284. Treasury accepted in full all competitive 

tenders at yields lower than 1.330 percent. Tenders at 

the high yield were allotted 63.47 percent. The median 

yield was 1.294 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $1 million. 

Competitive tenders accepted from private investors 

totaled $18,997 million. Accrued interest of $2.07201 

per $1,000 must be paid for the period from May 15 to 

July 15. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,667 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2050 is $100. 

Auction of 105-Day Cash Management Bills

On July 7, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued July 14 and will mature October 27. The issue 

was to raise new cash of approximately $135,000 

million. Treasury auctioned the bills on July 8. 

Tenders totaled $92,111 million; Treasury accepted 

$25,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.145 percent. 

Auction of 154-Day Cash Management Bills

On July 7, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued July 14 and will mature December 15. The issue 

was to raise new cash of approximately $135,000 

million. Treasury auctioned the bills on July 8. 

Tenders totaled $100,025 million; Treasury accepted 

$30,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.155 percent. 

Auction of 119-Day Cash Management Bills

On July 9, 2020, Treasury announced it would 

auction $35,000 million of 119-day bills. They were 

issued July 16 and will mature November 12. The 

issue was to raise new cash of approximately $209,000 

million. Treasury auctioned the bills on July 14. 

Tenders totaled $112,456 million; Treasury accepted 

$35,001 million, including $10 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.145 percent. 

Auction of 42-Day Cash Management Bills

On July 9, 2020, Treasury announced it would 

auction $35,000 million of 42-day bills. They were 

issued July 16 and matured August 27. The issue was 

to raise new cash of approximately $209,000 million. 

Treasury auctioned the bills on July 14. Tenders 

totaled $113,771 million; Treasury accepted $35,000 

million, including $19 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.120 percent. 

Auction of 52-Week Bills

On July 9, 2020, Treasury announced it would 

auction $34,000 million of 364-day Treasury bills. 

They were issued July 16 and will mature July 15, 

2021. The issue was to refund $172,828 million of all 

maturing bills and to raise new cash of approximately 

$36,172 million. Treasury auctioned the bills on July 

14. Tenders totaled $106,914 million; Treasury

accepted $34,000 million, including $237 million of

noncompetitive tenders from the public. The high bank

discount rate was 0.155 percent.

In addition to the $34,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,580 million from FRBs for their own accounts. 

Auction of 4-Year 10-Month 0-1/8 Percent

Treasury Inflation Protected Security (TIPS)

On July 10, 2020, Treasury announced it would 

auction $25 million of 4-year 10-month 0-1/8 percent 

TIPS. The issue was to raise new cash of 

approximately $25 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series 

X-2025 were dated April 15 and issued July 13. They 

are due April 15, 2025, with interest payable on 

October 15 and April 15 until maturity. 

Treasury received tenders for the TIPS before 

11:00 a.m. ET for noncompetitive tenders and before 

11:00 a.m. ET for competitive tenders on July 10. 

Tenders totaled $158 million; Treasury accepted $25 

million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of -0.951 percent with an equivalent adjusted 

price of $104.470612. Treasury accepted in full all 

competitive tenders at yields lower than -0.951 

percent. Tenders at the high yield were allotted 15.00 

percent. The median yield was -0.960 percent, and the 

low yield was -0.990 percent. Noncompetitive tenders 

totaled $ million. Competitive tenders accepted from 

private investors totaled $25 million. Adjusted accrued 

interest of $0.30171 per $1,000 must be paid for the 

period from April 15 to July 13. Both the unadjusted 

price of $105.248398 and the unadjusted accrued 

interest of $0.30396 were adjusted by an index ratio of 

0.99261, for the period from April 15 to July 13. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2025 is $100. 
42

December 2020

Auction of 105-Day Cash Management Bills

On July 14, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued July 21 and will mature November 3. The issue 

was to raise new cash of approximately $125,000 

million. Treasury auctioned the bills on July 15. 

Tenders totaled $98,749 million; Treasury accepted 

$25,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.130 percent. 

Auction of 154-Day Cash Management Bills

On July 14, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued July 21 and will mature December 22. The issue 

was to raise new cash of approximately $125,000 

million. Treasury auctioned the bills on July 15. 

Tenders totaled $101,916 million; Treasury accepted 

$30,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.145 percent. 

Auction of 119-Day Cash Management Bills

On July 16, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued July 23 and will mature November 19. The 

issue was to raise new cash of approximately $185,000 

million. Treasury auctioned the bills on July 21. 

Tenders totaled $92,308 million; Treasury accepted 

$30,000 million, including $24 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.120 percent. 

Auction of 273-Day Cash Management Bills

On July 16, 2020, Treasury announced it would 

auction $20,000 million of 273-day bills. They were 

issued July 23 and will mature April 22, 2021. The 

issue was to raise new cash of approximately $185,000 

million. Treasury auctioned the bills on July 21. 

Tenders totaled $67,047 million; Treasury accepted 

$20,000 million, including $6 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 42-Day Cash Management Bills

On July 16, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued July 23 and matured September 3. The issue 

was to raise new cash of approximately $185,000 

million. Treasury auctioned the bills on July 21. 

Tenders totaled $100,221 million; Treasury accepted 

$30,000 million, including $27 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.100 percent. 

Auction of 19-Year 10-Month 1-1/8 Percent 

Bonds

On July 16, 2020, Treasury announced it would 

auction $17,000 million of 19-year 10-month 1-1/8 

percent bonds. The issue was to refund $132,789 

million of securities maturing July 31 and to raise new 

cash of approximately $63,211 million. 

The 19-year 10-month 1-1/8 percent bonds of May 

2040 were dated May 15 and issued July 31. They are 

due May 15, 2040, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 22. 

Tenders totaled $41,344 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.059 percent with an equivalent price of 

$101.174893. Treasury accepted in full all competitive 

tenders at yields lower than 1.059 percent. Tenders at 

the high yield were allotted 33.47 percent. The median 

yield was 1.000 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $ million. 

Competitive tenders accepted from private investors 

totaled $17,000 million. Accrued interest of $2.35394 

per $1,000 must be paid for the period from May 15 to 

July 31. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,932 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2040 is $100. 

Auction of 10-Year TIPS

On July 16, 2020, Treasury announced it would 

auction $14,000 million of 10-year TIPS. The issue 

was to refund $132,789 million of securities maturing 

July 31 and to raise new cash of approximately 

$63,211 million. 

The 10-year TIPS of Series D-2030 were dated 

July 15 and issued July 31. They are due July 15, 

2030, with interest payable on January 15 and July 15 

until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 23. 

Tenders totaled $31,342 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 
43

December 2020

competitive bidders were allotted securities at the high 

yield of -0.930 percent with an equivalent adjusted 

price of $111.033716. Treasury accepted in full all 

competitive tenders at yields lower than -0.930 

percent. Tenders at the high yield were allotted 51.09 

percent. The median yield was -0.995 percent, and the 

low yield was -1.080 percent. Noncompetitive tenders 

totaled $47 million. Competitive tenders accepted from 

private investors totaled $13,953 million. Adjusted 

accrued interest of $0.05435 per $1,000 must be paid 

for the period from July 15 to July 31. Both the 

unadjusted price of $111.032606 and the unadjusted 

accrued interest of $0.05435 were adjusted by an index 

ratio of 1.00001, for the period from July 15 to July 31. 

In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,591 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2030 is $100. 

Auction of 105-Day Cash Management Bills

On July 21, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued July 28 and will mature November 10. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on July 22. 

Tenders totaled $87,428 million; Treasury accepted 

$25,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.120 percent. 

Auction of 154-Day Cash Management Bills

On July 21, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued July 28 and will mature December 29. The issue 

was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on July 22. 

Tenders totaled $95,500 million; Treasury accepted 

$30,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.135 percent. 

Auction of 2-Year Notes

On July 23, 2020, Treasury announced it would 

auction $48,000 million of 2-year notes. The issue was 

to refund $132,789 million of securities maturing July 

31 and to raise new cash of approximately $63,211 

million. 

The 2-year notes of Series BD-2022 were dated 

and issued July 31. They are due July 31, 2022, with 

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on July 27. 

Tenders totaled $112,315 million; Treasury accepted 

$48,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.155 percent with an equivalent price of 

$99.940116. Treasury accepted in full all competitive 

tenders at yields lower than 0.155 percent. Tenders at 

the high yield were allotted 11.58 percent. The median 

yield was 0.121 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $158 million. 

Competitive tenders accepted from private investors 

totaled $47,837 million. 

In addition to the $48,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,455 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BD-2022 is $100.

Auction of 5-Year Notes

On July 23, 2020, Treasury announced it would 

auction $49,000 million of 5-year notes. The issue was 

to refund $132,789 million of securities maturing July 

31 and to raise new cash of approximately $63,211 

million. 

The 5-year notes of Series AB-2025 were dated 

and issued July 31. They are due July 31, 2025, with 

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 27. 

Tenders totaled $113,506 million; Treasury accepted 

$49,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.288 percent with an equivalent price of 

$99.811496. Treasury accepted in full all competitive 

tenders at yields lower than 0.288 percent. Tenders at 

the high yield were allotted 1.61 percent. The median 

yield was 0.230 percent, and the low yield was 0.150 

percent. Noncompetitive tenders totaled $23 million. 

Competitive tenders accepted from private investors 

totaled $48,972 million. 

In addition to the $49,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,568 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AB-2025 is $100. 
44

December 2020

Auction of 7-Year Notes

On July 23, 2020, Treasury announced it would 

auction $44,000 million of 7-year notes. The issue was 

to refund $132,789 million of securities maturing July 

31 and to raise new cash of approximately $63,211 

million. 

The 7-year notes of Series N-2027 were dated and 

issued July 31. They are due July 31, 2027, with

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 0-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 28. 

Tenders totaled $107,769 million; Treasury accepted 

$44,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.446 percent with an equivalent price of 

$99.511214. Treasury accepted in full all competitive 

tenders at yields lower than 0.446 percent. Tenders at 

the high yield were allotted 69.31 percent. The median 

yield was 0.400 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $43,998 million. 

In addition to the $44,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,000 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series N-2027 is $100.

Auction of 2-Year Floating Rate Notes (FRNs)

On July 23, 2020, Treasury announced it would 

auction $24,000 million of 2-year FRNs. The issue

was to refund $132,789 million of securities maturing 

July 31 and to raise new cash of approximately 

$63,211 million. 

The 2-year FRNs of Series BE-2022 were dated 

and issued July 31. They are due July 31, 2022, with 

interest payable on October 31, January 31, April 30, 

and July 31 until maturity. Treasury set a spread of 

0.055 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 28. 

Tenders totaled $79,004 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.055 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.055 percent. Tenders at the high discount margin 

were allotted 51.03 percent. The median discount 

margin was 0.040 percent, and the low discount 

margin was 0.020 percent. Noncompetitive tenders 

totaled $21 million. Competitive tenders accepted from 

private investors totaled $23,980 million. 

In addition to the $24,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,727 million from FRBs for their own accounts. 

Auction of 120-Day Cash Management Bills

On July 23, 2020, Treasury announced it would 

auction $30,000 million of 120-day bills. They were 

issued July 30 and will mature November 27. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on July 28. 

Tenders totaled $102,107 million; Treasury accepted 

$30,000 million, including $15 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 42-Day Cash Management Bills

On July 23, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued July 30 and matured September 10. The issue 

was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on July 28. 

Tenders totaled $96,686 million; Treasury accepted 

$30,000 million, including $18 million of

noncompetitive tenders from the public. The high bank 

discount rate was 0.100 percent. 

AUGUST

Auction of 105-Day Cash Management Bills

On July 28, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued August 4 and will mature November 17. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on July 29. 

Tenders totaled $88,245 million; Treasury accepted 

$25,000 million, including $3 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

Auction of 154-Day Cash Management Bills

On July 28, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued August 4 and will mature January 5, 2021. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on July 29. 

Tenders totaled $104,457 million; Treasury accepted 

$30,001 million, including $1 million of 
45

December 2020

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 119-Day Cash Management Bills

On July 30, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued August 6 and will mature December 3. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 4. 

Tenders totaled $103,513 million; Treasury accepted 

$30,001 million, including $8 million of

noncompetitive tenders from the public. The high bank 

discount rate was 0.100 percent. 

Auction of 42-Day Cash Management Bills

On July 30, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued August 6 and matured September 17. The issue 

was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 4. 

Tenders totaled $103,443 million; Treasury accepted 

$30,000 million, including $10 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 

Auction of 105-Day Cash Management Bills

On August 4, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued August 11 and will mature November 24. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on August 5. 

Tenders totaled $83,438 million; Treasury accepted 

$25,001 million, including $ million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.105 percent. 

Auction of 154-Day Cash Management Bills

On August 4, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued August 11 and will mature January 12, 2021. 

The issue was to raise new cash of approximately

$120,000 million. Treasury auctioned the bills on 

August 5. Tenders totaled $87,246 million; Treasury 

accepted $30,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

August Quarterly Financing

On Aug 5, 2020, Treasury announced it would 

auction $48,000 million of 3-year notes, $38,000 

million of 10-year notes, and $26,000 million of 30-

year bonds to refund $49,518 million of securities 

maturing August 15, 2020 and to raise new cash of 

approximately $62,482 million. 

The 3-year notes of Series AQ-2023 were dated 

August 15 and issued August 17. They are due August 

15, 2023, with interest payable on February 15 and 

August 15 until maturity. Treasury set an interest rate 

of 0-1/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 11. 

Tenders totaled $117,236 million; Treasury accepted 

$48,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.179 percent with an equivalent price of 

$99.838798. Treasury accepted in full all competitive 

tenders at yields lower than 0.179 percent. Tenders at 

the high yield were allotted 92.32 percent. The median 

yield was 0.146 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors 

totaled $47,864 million. Accrued interest of $0.00679 

per $1,000 must be paid for the period from August 15 

to August 17. 

In addition to the $48,000 million of tenders 

accepted in the auction process, Treasury accepted 

$28,548 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series AQ-2023 is $100. 

The 10-year notes of Series E-2030 were dated 

August 15 and issued August 17. They are due August 

15, 2030, with interest payable on February 15 and 

August 15 until maturity. Treasury set an interest rate 

of 0-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 12. 

Tenders totaled $91,547 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.677 percent with an equivalent price of 

$99.498284. Treasury accepted in full all competitive 

tenders at yields lower than 0.677 percent. Tenders at 

the high yield were allotted 79.91 percent. The median 

yield was 0.639 percent, and the low yield was 0.100 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors 

totaled $37,989 million. Accrued interest of $0.03397 

per $1,000 must be paid for the period from August 15 

to August 17. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted

$22,601 million from FRBs for their own accounts. 
46

December 2020

The minimum par amount required for STRIPS of 

notes of Series E-2030 is $100. 

The 30-year bonds of August 2050 were dated 

August 15 and issued August 17. They are due August 

15, 2050, with interest payable on February 15 and 

August 15 until maturity. Treasury set an interest rate 

of 1-3/8 percent after determining which tenders were

accepted on a yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 13. 

Tenders totaled $55,542 million; Treasury accepted 

$26,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.406 percent with an equivalent price of 

$99.243433. Treasury accepted in full all competitive 

tenders at yields lower than 1.406 percent. Tenders at 

the high yield were allotted 20.72 percent. The median 

yield was 1.320 percent, and the low yield was 1.150 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $25,992 million. Accrued interest of $0.07473 

per $1,000 must be paid for the period from August 15 

to August 17. 

In addition to the $26,000 million of tenders 

accepted in the auction process, Treasury accepted 

$15,464 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

bonds of August 2050 is $100. 

Auction of 119-Day Cash Management Bills

On August 6, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued August 13 and will mature December 10. The 

issue was to raise new cash of approximately $199,000 

million. Treasury auctioned the bills on August 11. 

Tenders totaled $101,588 million; Treasury accepted 

$30,001 million, including $13 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 42-Day Cash Management Bills

On August 6, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued August 13 and matured September 24. The 

issue was to raise new cash of approximately $199,000 

million. Treasury auctioned the bills on August 11. 

Tenders totaled $95,631 million; Treasury accepted 

$30,000 million, including $15 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.095 percent. 

Auction of 52-Week Bills

On August 6, 2020, Treasury announced it would 

auction $34,000 million of 364-day Treasury bills. 

They were issued August 13 and will mature August 

12, 2021. The issue was to refund $180,672 million of 

all maturing bills and to raise new cash of 

approximately $18,328 million. Treasury auctioned the 

bills on August 11. Tenders totaled $112,753 million; 

Treasury accepted $34,001 million, including $229 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.140 percent. 

In addition to the $34,001 million of tenders 

accepted in the auction process, Treasury accepted 

$3,996 million from FRBs for their own accounts. 

Auction of 105-Day Cash Management Bills

On August 11, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued August 18 and will mature December 1. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on August 12. 

Tenders totaled $85,494 million; Treasury accepted 

$25,000 million, including $ million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.110 percent. 

Auction of 154-Day Cash Management Bills

On August 11, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued August 18 and will mature January 19, 2021. 

The issue was to raise new cash of approximately 

$120,000 million. Treasury auctioned the bills on 

August 12. Tenders totaled $98,271 million; Treasury 

accepted $30,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.120 percent. 

Auction of 119-Day Cash Management Bills

On August 13, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued August 20 and will mature December 17. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 18. 

Tenders totaled $100,687 million; Treasury accepted 

$30,001 million, including $13 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 
47

December 2020

Auction of 42-Day Cash Management Bills

On August 13, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued August 20 and will mature October 1. The issue 

was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 18. 

Tenders totaled $96,713 million; Treasury accepted 

$30,001 million, including $11 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 20-Year Bonds

On August 13, 2020, Treasury announced it would 

auction $25,000 million of 20-year bonds. The issue 

was to refund $86,894 million of securities maturing 

August 31 and to raise new cash of approximately 

$93,106 million. 

The 20-year bonds of August 2040 were dated 

August 15 and issued August 31. They are due August 

15, 2040, with interest payable on February 15 and 

August 15 until maturity. Treasury set an interest rate 

of 1-1/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 19. 

Tenders totaled $56,424 million; Treasury accepted 

$25,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.185 percent with an equivalent price of 

$98.936182. Treasury accepted in full all competitive 

tenders at yields lower than 1.185 percent. Tenders at 

the high yield were allotted 5.95 percent. The median 

yield was 1.110 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $1 million. 

Competitive tenders accepted from private investors 

totaled $24,999 million. Accrued interest of $0.48913 

per $1,000 must be paid for the period from August 15 

to August 31. 

In addition to the $25,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,172 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

August 2040 is $100. 

Auction of 29-Year 6-Month 0-1/4 Percent TIPS

On August 13, 2020, Treasury announced it would 

auction $7,000 million of 29-year 6-month 0-1/4 

percent TIPS. The issue was to refund $86,894 million 

of securities maturing August 31 and to raise new cash 

of approximately $93,106 million. 

The 29-year 6-month 0-1/4 percent TIPS of 

February 2050 were dated August 15 and issued 

August 31. They are due February 15, 2050, with 

interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 20. 

Tenders totaled $15,743 million; Treasury accepted 

$7,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of -0.272 percent with an equivalent adjusted 

price of $116.316267. Treasury accepted in full all 

competitive tenders at yields lower than -0.272 

percent. Tenders at the high yield were allotted 56.63 

percent. The median yield was -0.380 percent, and the 

low yield was -0.440 percent. Noncompetitive tenders 

totaled $9 million. Competitive tenders accepted from 

private investors totaled $6,991 million. Adjusted 

accrued interest of $0.10898 per $1,000 must be paid 

for the period from August 15 to August 31. Both the 

unadjusted price of $116.020415 and the unadjusted 

accrued interest of $0.10870 were adjusted by an index 

ratio of 1.00255, for the period from August 15 to 

August 31. 

In addition to the $7,000 million of tenders 

accepted in the auction process, Treasury accepted 

$608 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

February 2050 is $100. 

Auction of 105-Day Cash Management Bills

On August 18, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued August 25 and will mature December 8. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on August 19. 

Tenders totaled $84,013 million; Treasury accepted 

$25,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

Auction of 154-Day Cash Management Bills

On August 18, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued August 25 and will mature January 26, 2021. 

The issue was to raise new cash of approximately 

$120,000 million. Treasury auctioned the bills on 

August 19. Tenders totaled $101,610 million; Treasury 

accepted $30,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.115 percent. 
48

December 2020

Auction of 119-Day Cash Management Bills

On August 20, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued August 27 and will mature December 24. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 25. 

Tenders totaled $91,569 million; Treasury accepted 

$30,001 million, including $11 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 42-Day Cash Management Bills

On August 20, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued August 27 and will mature October 8. The issue 

was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on August 25. 

Tenders totaled $101,611 million; Treasury accepted 

$30,000 million, including $10 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 

Auction of 2-Year Notes

On August 20, 2020, Treasury announced it would 

auction $50,000 million of 2-year notes. The issue was 

to refund $86,894 million of securities maturing 

August 31 and to raise new cash of approximately 

$93,106 million. 

The 2-year notes of Series BF-2022 were dated and 

issued August 31. They are due August 31, 2022, with 

interest payable on February 28 and August 31 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 25. 

Tenders totaled $139,088 million; Treasury accepted 

$50,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.155 percent with an equivalent price of 

$99.940116. Treasury accepted in full all competitive 

tenders at yields lower than 0.155 percent. Tenders at 

the high yield were allotted 30.00 percent. The median 

yield was 0.120 percent, and the low yield was 0.057 

percent. Noncompetitive tenders totaled $105 million. 

Competitive tenders accepted from private investors 

totaled $49,895 million. 

In addition to the $50,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,344 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BF-2022 is $100. 

Auction of 5-Year Notes

On August 20, 2020, Treasury announced it would 

auction $51,000 million of 5-year notes. The issue was 

to refund $86,894 million of securities maturing 

August 31 and to raise new cash of approximately 

$93,106 million. 

The 5-year notes of Series AC-2025 were dated 

and issued August 31. They are due August 31, 2025, 

with interest payable on February 28 and August 31 

until maturity. Treasury set an interest rate of 0-1/4 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 26. 

Tenders totaled $138,200 million; Treasury accepted 

$51,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.298 percent with an equivalent price of 

$99.761955. Treasury accepted in full all competitive 

tenders at yields lower than 0.298 percent. Tenders at 

the high yield were allotted 84.34 percent. The median 

yield was 0.261 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors 

totaled $50,980 million. 

In addition to the $51,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,431 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AC-2025 is $100. 

Auction of 7-Year Notes

On August 20, 2020, Treasury announced it would 

auction $47,000 million of 7-year notes. The issue was 

to refund $86,894 million of securities maturing 

August 31 and to raise new cash of approximately 

$93,106 million. 

The 7-year notes of Series P-2027 were dated and 

issued August 31. They are due August 31, 2027, with 

interest payable on February 28 and August 31 until 

maturity. Treasury set an interest rate of 0-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 27. 

Tenders totaled $116,198 million; Treasury accepted 

$47,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.519 percent with an equivalent price of 

$99.869553. Treasury accepted in full all competitive 

tenders at yields lower than 0.519 percent. Tenders at 

the high yield were allotted 68.04 percent. The median 
49

December 2020

yield was 0.476 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors 

totaled $46,991 million. 

In addition to the $47,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,083 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series P-2027 is $100. 

Auction of 1-Year 11-Month 0.055 Percent 

FRNs

On August 20, 2020, Treasury announced it would 

auction $22,000 million of 1-year 11-month 0.055 

percent FRNs. The issue was to raise new cash of 

approximately $22,000 million. 

The 1-year 11-month 0.055 percent FRNs of Series 

BE-2022 were dated July 31 and issued August 28. 

They are due July 31, 2022, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 26. 

Tenders totaled $62,752 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.055 percent with an equivalent 

price of $99.999997. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.055 percent. Tenders at the high discount margin 

were allotted 68.19 percent. The median discount 

margin was 0.042 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders 

totaled $10 million. Competitive tenders accepted from 

private investors totaled $21,990 million. Accrued 

interest of $0.012307659 per $100 must be paid for the 

period from July 31 to August 28. 

SEPTEMBER

Auction of 105-Day Cash Management Bills

On August 25, 2020, Treasury announced it would 

auction $25,000 million of 105-day bills. They were 

issued September 1 and will mature December 15. The 

issue was to raise new cash of approximately $120,000 

million. Treasury auctioned the bills on August 26. 

Tenders totaled $92,023 million; Treasury accepted 

$25,000 million, including $7 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.100 percent. 

Auction of 154-Day Cash Management Bills

On August 25, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued September 1 and will mature February 2, 2021. 

The issue was to raise new cash of approximately 

$120,000 million. Treasury auctioned the bills on 

August 26. Tenders totaled $110,193 million; Treasury 

accepted $30,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 119-Day Cash Management Bills

On August 27, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued September 3 and will mature December 31. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on September 1. 

Tenders totaled $96,259 million; Treasury accepted 

$30,001 million, including $12 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.115 percent. 

Auction of 42-Day Cash Management Bills

On August 27, 2020, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued September 3 and will mature October 15. The 

issue was to raise new cash of approximately $165,000 

million. Treasury auctioned the bills on September 1. 

Tenders totaled $102,707 million; Treasury accepted 

$30,001 million, including $9 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 105-Day Cash Management Bills

On September 1, 2020, Treasury announced it 

would auction $25,000 million of 105-day bills. They 

were issued September 8 and will mature December 

22. The issue was to raise new cash of approximately 

$120,000 million. Treasury auctioned the bills on 

September 2. Tenders totaled $88,434 million; 

Treasury accepted $25,001 million, including $1 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.115 percent. 

Auction of 154-Day Cash Management Bills

On September 1, 2020, Treasury announced it 

would auction $30,000 million of 154-day bills. They 

were issued September 8 and will mature February 9, 

2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 2. Tenders totaled $97,734 
50

December 2020

million; Treasury accepted $30,001 million, including 

$1 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.120 percent. 

Auction of 119-Day Cash Management Bills

On September 3, 2020, Treasury announced it 

would auction $30,000 million of 119-day bills. They

were issued September 10 and will mature January 7, 

2021. The issue was to raise new cash of 

approximately $199,000 million. Treasury auctioned 

the bills on September 8. Tenders totaled $106,574 

million; Treasury accepted $30,000 million, including 

$12 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.120 percent. 

Auction of 42-Day Cash Management Bills

On September 3, 2020, Treasury announced it 

would auction $30,000 million of 42-day bills. They 

were issued September 10 and will mature October 22. 

The issue was to raise new cash of approximately 

$199,000 million. Treasury auctioned the bills on 

September 8. Tenders totaled $95,737 million; 

Treasury accepted $30,001 million, including $17 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.105 percent. 

Auction of 52-Week Bills

On September 3, 2020, Treasury announced it 

would auction $34,000 million of 364-day Treasury 

bills. They were issued September 10 and will mature 

September 9, 2021. The issue was to refund $182,721 

million of all maturing bills and to raise new cash of 

approximately $16,279 million. Treasury auctioned the 

bills on September 8. Tenders totaled $103,367 

million; Treasury accepted $34,000 million, including 

$186 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.140 percent. 

In addition to the $34,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,596 million from FRBs for their own accounts.

Auction of 3-Year Notes

On September 3, 2020, Treasury announced it 

would auction $50,000 million of 3-year notes. The 

issue was to refund $19,560 million of securities 

maturing September 15 and to raise new cash of 

approximately $88,440 million. 

The 3-year notes of Series AR-2023 were dated 

and issued September 15. They are due September 15, 

2023, with interest payable on March 15 and 

September 15 until maturity. Treasury set an interest 

rate of 0-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 8. 

Tenders totaled $114,211 million; Treasury accepted 

$50,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.170 percent with an equivalent price of 

$99.865401. Treasury accepted in full all competitive 

tenders at yields lower than 0.170 percent. Tenders at 

the high yield were allotted 87.34 percent. The median 

yield was 0.144 percent, and the low yield was 0.065 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors 

totaled $49,871 million. 

In addition to the $50,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,056 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AR-2023 is $100. 

Auction of 9-Year 11-Month 0-5/8 Percent 

Notes

On September 3, 2020, Treasury announced it 

would auction $35,000 million of 9-year 11-month 0-

5/8 percent notes. The issue was to refund $19,560 

million of securities maturing September 15 and to 

raise new cash of approximately $88,440 million. 

The 9-year 11-month 0-5/8 percent notes of Series 

E-2030 were dated August 15 and issued September 

15. They are due August 15, 2030, with interest 

payable on February 15 and August 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 9. 

Tenders totaled $80,639 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.704 percent with an equivalent price of 

$99.244492. Treasury accepted in full all competitive 

tenders at yields lower than 0.704 percent. Tenders at 

the high yield were allotted 51.77 percent. The median 

yield was 0.650 percent, and the low yield was 0.590 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors 

totaled $34,990 million. Accrued interest of $0.52649 

per $1,000 must be paid for the period from August 15 

to September 15. 

In addition to the $35,000 million of tenders

accepted in the auction process, Treasury accepted 

$1,439 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series E-2030 is $100. 
51

December 2020

Auction of 29-Year 11-Month 1-3/8 Percent 

Bonds

On September 3, 2020, Treasury announced it 

would auction $23,000 million of 29-year 11-month 1-

3/8 percent bonds. The issue was to refund $19,560 

million of securities maturing September 15 and to 

raise new cash of approximately $88,440 million. 

The 29-year 11-month 1-3/8 percent bonds of 

August 2050 were dated August 15 and issued 

September 15. They are due August 15, 2050, with 

interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 10. 

Tenders totaled $53,075 million; Treasury accepted 

$23,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.473 percent with an equivalent price of 

$97.635118. Treasury accepted in full all competitive 

tenders at yields lower than 1.473 percent. Tenders at 

the high yield were allotted 28.56 percent. The median 

yield was 1.418 percent, and the low yield was 0.900 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $22,993 million. Accrued interest of $1.15829 

per $1,000 must be paid for the period from August 15 

to September 15. 

In addition to the $23,000 million of tenders 

accepted in the auction process, Treasury accepted 

$946 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

August 2050 is $100. 

Auction of 105-Day Cash Management Bills

On September 8, 2020, Treasury announced it 

would auction $25,000 million of 105-day bills. They 

were issued September 15 and will mature December 

29. The issue was to raise new cash of approximately 

$120,000 million. Treasury auctioned the bills on 

September 9. Tenders totaled $92,448 million;

Treasury accepted $25,001 million, including $4 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.115 percent. 

Auction of 154-Day Cash Management Bills

On September 8, 2020, Treasury announced it 

would auction $30,000 million of 154-day bills. They 

were issued September 15 and will mature February 

16, 2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 9. Tenders totaled $98,775 

million; Treasury accepted $30,001 million, including 

$1 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.120 percent. 

Auction of 119-Day Cash Management Bills

On September 10, 2020, Treasury announced it 

would auction $30,000 million of 119-day bills. They 

were issued September 17 and will mature January 14, 

2021. The issue was to raise new cash of 

approximately $165,000 million. Treasury auctioned 

the bills on September 15. Tenders totaled $116,456 

million; Treasury accepted $30,002 million, including 

$8 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.110 percent. 

Auction of 42-Day Cash Management Bills

On September 10, 2020, Treasury announced it 

would auction $30,000 million of 42-day bills. They 

were issued September 17 and will mature October 29. 

The issue was to raise new cash of approximately 

$165,000 million. Treasury auctioned the bills on 

September 15. Tenders totaled $101,210 million; 

Treasury accepted $30,001 million, including $10 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.095 percent. 

Auction of 19-Year 11-Month 1-1/8 Percent 

Bonds

On September 10, 2020, Treasury announced it 

would auction $22,000 million of 19-year 11-month 1-

1/8 percent bonds. The issue was to refund $75,108 

million of securities maturing September 30 and to 

raise new cash of approximately $113,892 million. 

The 19-year 11-month 1-1/8 percent bonds of 

August 2040 were dated August 15 and issued 

September 30. They are due August 15, 2040, with 

interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 15. 

Tenders totaled $52,478 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.213 percent with an equivalent price of 

$98.449355. Treasury accepted in full all competitive 

tenders at yields lower than 1.213 percent. Tenders at 

the high yield were allotted 92.86 percent. The median 

yield was 1.160 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $21,993 million. Accrued interest of $1.40625 

per $1,000 must be paid for the period from August 15 

to September 30. 
52

December 2020

In addition to the $22,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,012 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

August 2040 is $100. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS

On September 10, 2020, Treasury announced it 

would auction $12,000 million of 9-year 10-month 0-

1/8 percent TIPS. The issue was to refund $75,108 

million of securities maturing September 30 and to 

raise new cash of approximately $113,892 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series 

D-2030 were dated July 15 and issued September 30. 

They are due July 15, 2030, with interest payable on 

January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before

1:00 p.m. ET for competitive tenders on September 17. 

Tenders totaled $31,802 million; Treasury accepted 

$12,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of -0.966 percent with an equivalent adjusted 

price of $112.388136. Treasury accepted in full all 

competitive tenders at yields lower than -0.966 

percent. Tenders at the high yield were allotted 43.79 

percent. The median yield was -1.020 percent, and the 

low yield was -1.082 percent. Noncompetitive tenders 

totaled $20 million. Competitive tenders accepted from 

private investors totaled $11,980 million. Adjusted 

accrued interest of $0.26427 per $1,000 must be paid 

for the period from July 15 to September 30. Both the 

unadjusted price of $111.231330 and the unadjusted 

accrued interest of $0.26155 were adjusted by an index 

ratio of 1.0104, for the period from July 15 to 

September 30. 

In addition to the $12,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,643 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2030 is $100. 

Auction of 105-Day Cash Management Bills

On September 15, 2020, Treasury announced it 

would auction $25,000 million of 105-day bills. They 

were issued September 22 and will mature January 5, 

2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 16. Tenders totaled $94,115 

million; Treasury accepted $25,001 million, including 

$2 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.100 percent. 

Auction of 154-Day Cash Management Bills

On September 15, 2020, Treasury announced it 

would auction $30,000 million of 154-day bills. They 

were issued September 22 and will mature February 

23, 2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 16. Tenders totaled $103,645 

million; Treasury accepted $30,001 million, including 

$1 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.110 percent. 

Auction of 119-Day Cash Management Bills

On September 17, 2020, Treasury announced it 

would auction $30,000 million of 119-day bills. They 

were issued September 24 and will mature January 21, 

2021. The issue was to raise new cash of 

approximately $165,000 million. Treasury auctioned 

the bills on September 22. Tenders totaled $118,437 

million; Treasury accepted $30,000 million, including 

$21 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.095 percent. 

Auction of 42-Day Cash Management Bills

On September 17, 2020, Treasury announced it 

would auction $30,000 million of 42-day bills. They 

were issued September 24 and will mature November 

5. The issue was to raise new cash of approximately 

$165,000 million. Treasury auctioned the bills on 

September 22. Tenders totaled $108,301 million; 

Treasury accepted $30,000 million, including $41 

million of noncompetitive tenders from the public. The 

high bank discount rate was 0.085 percent.

Auction of 2-Year Notes

On September 17, 2020, Treasury announced it

would auction $52,000 million of 2-year notes. The 

issue was to refund $75,108 million of securities 

maturing September 30 and to raise new cash of 

approximately $113,892 million. 

The 2-year notes of Series BG-2022 were dated 

and issued September 30. They are due September 30, 

2022, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 0-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 22. 

Tenders totaled $125,884 million; Treasury accepted 

$52,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.136 percent with an equivalent price of 
53

December 2020

$99.978037. Treasury accepted in full all competitive 

tenders at yields lower than 0.136 percent. Tenders at 

the high yield were allotted 10.62 percent. The median 

yield was 0.100 percent, and the low yield was 0.034 

percent. Noncompetitive tenders totaled $108 million. 

Competitive tenders accepted from private investors 

totaled $51,892 million. 

In addition to the $52,000 million of tenders 

accepted in the auction process, Treasury accepted 

$7,119 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BG-2022 is $100. 

Auction of 5-Year Notes

On September 17, 2020, Treasury announced it 

would auction $53,000 million of 5-year notes. The 

issue was to refund $75,108 million of securities 

maturing September 30 and to raise new cash of 

approximately $113,892 million. 

The 5-year notes of Series AD-2025 were dated 

and issued September 30. They are due September 30, 

2025, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 0-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 23. 

Tenders totaled $133,664 million; Treasury accepted 

$53,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.275 percent with an equivalent price of 

$99.875940. Treasury accepted in full all competitive 

tenders at yields lower than 0.275 percent. Tenders at 

the high yield were allotted 4.59 percent. The median 

yield was 0.240 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors 

totaled $52,979 million. 

In addition to the $53,000 million of tenders 

accepted in the auction process, Treasury accepted 

$7,256 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AD-2025 is $100. 

Auction of 7-Year Notes

On September 17, 2020, Treasury announced it 

would auction $50,000 million of 7-year notes. The 

issue was to refund $75,108 million of securities 

maturing September 30 and to raise new cash of 

approximately $113,892 million. 

The 7-year notes of Series Q-2027 were dated and 

issued September 30. They are due September 30, 

2027, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 0-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 24. 

Tenders totaled $121,150 million; Treasury accepted 

$50,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.462 percent with an equivalent price of 

$99.401422. Treasury accepted in full all competitive 

tenders at yields lower than 0.462 percent. Tenders at 

the high yield were allotted 7.87 percent. The median 

yield was 0.414 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors 

totaled $49,997 million. 

In addition to the $50,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,845 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Q-2027 is $100. 

Auction of 1-Year 10-Month 0.055 Percent 

FRNs

On September 17, 2020, Treasury announced it 

would auction $22,000 million of 1-year 10-month 

0.055 percent FRNs. The issue was to raise new cash 

of approximately $22,000 million. 

The 1-year 10-month 0.055 percent FRNs of Series 

BE-2022 were dated July 31 and issued September 25. 

They are due July 31, 2022, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 23. 

Tenders totaled $63,408 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.058 percent with an equivalent 

price of $99.994389. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.058 percent. Tenders at the high discount margin 

were allotted 50.98 percent. The median discount 

margin was 0.050 percent, and the low discount 

margin was 0.030 percent. Noncompetitive tenders 

totaled $8 million. Competitive tenders accepted from 

private investors totaled $21,992 million. Accrued 

interest of $0.024921037 per $100 must be paid for the 

period from July 31 to September 25.
54

December 2020

Auction of 105-Day Cash Management Bills

On September 22, 2020, Treasury announced it 

would auction $25,000 million of 105-day bills. They 

were issued September 29 and will mature January 12, 

2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 23. Tenders totaled $102,069 

million; Treasury accepted $25,000 million, including 

$1 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills

On September 22, 2020, Treasury announced it 

would auction $30,000 million of 154-day bills. They 

were issued September 29 and will mature March 2, 

2021. The issue was to raise new cash of 

approximately $120,000 million. Treasury auctioned 

the bills on September 23. Tenders totaled $98,847 

million; Treasury accepted $30,000 million, including 

$1 million of noncompetitive tenders from the public. 

The high bank discount rate was 0.100 percent.
55

December 2020

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

On total competitive bids accepted

Issue date

Description of new issue Amounts of bids accepted

High

price per

hundred

(7)

High

discount 

rate

(percent)

(8)

High investment rate

(percent) 4

(9)

Maturity

date

(1)

Number

of days to

maturity

1

(2)

Amount

of bids

tendered

(3)

Total

amount 2

(4)

On

competitive

basis

(5)

On noncompetitive

basis 3

(6)

Regular weekly:

(4 week, 13 week, and 26 week)

2020-July 02.......................................... 2020-Oct. 01 91 161,390.0 60,959.1 53,290.5 610.3 99.962083 0.150 0.152

Dec. 31 182 159,265.9 57,571.9 50,504.2 414.5 99.916583 0.165 0.167

July 07.................................................. Aug. 04 28 146,882.3 48,219.3 43,736.4 837.1 99.991056 0.115 0.117

Sep. 01 56 134,144.4 48,218.8 44,706.7 193.3 99.979000 0.135 0.137

July 09................................................. Oct. 08 91 149,223.0 59,593.3 52,567.0 634.4 99.962083 0.150 0.152

2021-Jan. 07 182 148,661.6 56,282.4 50,299.1 501.1 99.916583 0.165 0.167

July 14................................................. 2020-Aug. 11 28 130,347.0 43,328.9 38,673.9 937.3 99.992222 0.100 0.101

Sep. 08 56 121,922.4 43,329.1 38,946.5 252.9 99.981333 0.120 0.122

July 16................................................. Oct. 15 91 152,078.5 61,274.3 52,736.6 720.5 99.963347 0.145 0.147

2021-Jan. 14 182 168,632.7 57,870.4 49,901.0 681.4 99.926694 0.145 0.147

July 21................................................. 2020-Aug. 18 28 124,933.9 37,666.7 33,156.6 1,020.6 99.991833 0.105 0.106

Sep. 15 56 115,265.0 37,666.7 34,328.6 223.7 99.982889 0.110 0.112

July 23................................................. Oct. 22 91 158,753.3 62,372.1 52,975.0 711.0 99.969667 0.120 0.122

2021-Jan. 21 182 159,407.0 58,906.4 50,147.4 553.0 99.934278 0.130 0.132

July 28................................................. 2020-Aug. 25 28 110,775.6 32,953.2 28,579.5 839.5 99.993778 0.080 0.081

Sep. 22 56 103,318.2 38,445.6 34,487.5 197.8 99.984444 0.100 0.101

July 30................................................. Oct. 29 91 140,262.0 60,255.3 52,243.2 757.6 99.973458 0.105 0.106

2021-Jan. 28 182 154,787.2 56,907.9 49,424.7 576.1 99.934278 0.130 0.132

Aug. 04................................................. 2020-Sep. 01 28 95,699.1 32,879.3 28,334.1 837.0 99.993000 0.090 0.091

Sep. 29 56 107,098.7 38,359.8 33,808.2 192.6 99.985222 0.095 0.096

Aug. 06................................................. Nov. 05 91 157,329.4 59,940.4 53,046.8 653.3 99.974722 0.100 0.101

2021-Feb. 04 182 154,069.6 56,610.7 50,180.8 519.6 99.946917 0.105 0.107

Aug. 11................................................. 2020-Sep. 08 28 115,850.5 32,979.7 28,441.5 982.4 99.993778 0.080 0.081

Oct. 06 56 104,186.5 38,476.5 34,588.7 162.4 99.984444 0.100 0.101

Aug. 13................................................. Nov. 12 91 154,712.2 60,347.4 52,973.6 726.9 99.973458 0.105 0.106

2021-Feb. 11 182 158,040.4 56,994.5 50,087.9 632.3 99.939333 0.120 0.122

Aug. 18................................................ 2020-Sep. 15 28 103,162.8 32,490.0 28,532.3 1,023.9 99.993389 0.085 0.086

Oct. 13 56 108,917.9 37,905.1 34,649.9 150.4 99.984444 0.100 0.101

Aug. 20................................................ Nov. 19 91 139,753.0 60,932.6 52,891.8 666.5 99.973458 0.105 0.106

2021-Feb. 18 182 152,710.0 57,547.2 50,161.9 540.2 99.939333 0.120 0.122

Aug. 25................................................ 2020-Sep. 22 28 97,901.5 32,871.0 28,695.3 847.6 99.993778 0.080 0.081

Oct. 20 56 108,117.7 38,348.7 34,424.7 233.5 99.986000 0.090 0.091

Aug. 27................................................ Nov. 27 92 143,199.1 58,461.8 52,332.7 668.8 99.974444 0.100 0.101

2021-Feb. 25 182 153,095.4 55,212.8 49,417.2 583.1 99.939333 0.120 0.122

Sep. 01................................................ 2020-Sep. 29 28 90,686.4 32,815.2 28,172.1 828.6 99.993778 0.080 0.081

Oct. 27 56 105,715.1 38,284.0 33,779.4 221.1 99.986000 0.090 0.091

Sep. 03................................................ Dec. 03 91 152,840.0 60,532.4 53,017.5 758.4 99.973458 0.105 0.106

2021-Mar. 04 182 171,100.3 57,169.0 50,438.5 461.8 99.941861 0.115 0.117

Sep. 08................................................ 2020-Oct. 06 28 117,857.3 32,911.9 28,690.9 949.8 99.993000 0.090 0.091

Nov. 03 56 113,396.4 38,397.2 34,642.8 258.0 99.984444 0.100 0.101

Sep. 10................................................ Dec. 10 91 153,533.9 59,711.3 53,139.8 660.4 99.970931 0.115 0.117

2021-Mar. 11 182 151,099.3 56,393.9 50,529.1 371.0 99.936806 0.125 0.127

Sep. 15................................................ 2020-Oct. 13 28 108,388.6 32,380.7 28,421.8 965.1 99.993000 0.090 0.091

Nov. 10 56 115,925.0 37,776.6 34,726.5 173.6 99.983667 0.105 0.106
56

December 2020

Continued from PDO-1

Sep. 17................................................ Dec. 17 91 172,732.9 58,313.8 52,805.8 794.7 99.972194 0.110 0.112

2021-Mar. 18 182 170,189.7 55,074.1 50,327.0 485.3 99.939333 0.120 0.122

Sep. 22................................................ 2020-Oct. 20 28 115,009.1 32,915.8 28,810.1 903.8 99.993778 0.080 0.081

Nov. 17 56 111,449.5 38,401.2 34,471.7 228.8 99.985222 0.095 0.096

Sep. 24................................................ Dec. 24 91 158,064.0 56,015.1 52,935.2 697.8 99.974722 0.100 0.101

2021-Mar. 25 182 166,744.9 52,903.0 50,263.3 471.4 99.946917 0.105 0.107

Sep. 29................................................ 2020-Oct. 27 28 119,391.7 32,849.9 28,620.6 810.0 99.994167 0.075 0.076

Nov. 24 56 129,450.6 38,324.2 34,611.9 188.1 99.986000 0.090 0.091

1 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 

26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks.

2

Includes amount awarded to the Federal Reserve System.

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998.

4 Equivalent coupon-issue yield.

TABLE PDO-2—Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

Auction date

Issue date

(1)

Description of securities 1

(2)

Period to final maturity

(years, months, days) 2

(3)

Amount

tendered

(4)

Amount

accepted 3, 4

(5)

Accepted 

yield/discount

margin and

equivalent price

for notes and 

bonds

(6)

06/30/20 07/02/20 0.130% CMB—08/13/20 42d 114,545 35,000

06/30/20 07/02/20 0.155% CMB—10/29/20 119d 110,913 35,000

07/01/20 07/07/20 0.140% CMB—10/20/20 105d 97,664 25,001

07/01/20 07/07/20 0.155% CMB—12/08/20 154d 95,424 30,000

07/07/20 07/09/20 0.125% CMB—08/20/20 42d 116,121 35,000

07/07/20 07/09/20 0.150% CMB—11/05/20 119d 111,200 35,000

07/07/20 07/15/20 0.125% note—07/15/23-AP 3y 116,250 50,036 0.190 - 99.805647

07/08/20 07/14/20 0.145% CMB—10/27/20 105d 92,111 25,000

07/08/20 07/14/20 0.155% CMB—12/15/20 154d 100,025 30,000

07/08/20 07/15/20 0.625% note—05/15/30-C 9y 10m 78,613 31,544 0.653 - 99.733486

07/09/20 07/15/20 1.250% bond—05/15/50 29y 10m 49,166 20,667 1.330 - 98.034284

07/10/20 07/13/20 0.125% TIPS—04/15/25-X 4y 10m 158 25 -0.951 - 104.470612

07/14/20 07/16/20 0.120% CMB—08/27/20 42d 113,771 35,000

07/14/20 07/16/20 0.145% CMB—11/12/20 119d 112,456 35,001

07/14/20 07/16/20 0.155% bill—07/15/21 364d 111,494 38,580

07/15/20 07/21/20 0.130% CMB—11/03/20 105d 98,749 25,000

07/15/20 07/21/20 0.145% CMB—12/22/20 154d 101,916 30,001

07/21/20 07/23/20 0.100% CMB—09/03/20 42d 100,221 30,000

07/21/20 07/23/20 0.120% CMB—11/19/20 119d 92,308 30,000

07/21/20 07/23/20 0.140% CMB—04/22/21 273d 67,047 20,000

07/22/20 07/28/20 0.120% CMB—11/10/20 105d 87,428 25,001

07/22/20 07/28/20 0.135% CMB—12/29/20 154d 95,500 30,000

07/22/20 07/31/20 1.125% bond—05/15/40 19y 10m 43,276 18,932 1.059 - 101.174893

07/23/20 07/31/20 0.125% TIPS—07/15/30-D 10y 32,933 15,591 -0.930 - 111.033716
57

December 2020

Continued from PDO-2

07/27/20 07/31/20 0.125% note—07/31/22-BD 2y 117,770 53,455 0.155 - 99.940116

07/27/20 07/31/20 0.250% note—07/31/25-AB 5y 119,074 54,568 0.288 - 99.811496

07/28/20 07/30/20 0.100% CMB—09/10/20 42d 96,686 30,000

07/28/20 07/30/20 0.110% CMB—11/27/20 120d 102,107 30,000

07/28/20 07/31/20 0.055% FRN—07/31/22-BE 2y 81,731 26,727 0.055 - 100.000000

07/28/20 07/31/20 0.375% note—07/31/27-N 7y 112,769 49,000 0.446 - 99.511214

07/29/20 08/04/20 0.105% CMB—11/17/20 105d 88,245 25,000

07/29/20 08/04/20 0.110% CMB—01/05/21 154d 104,457 30,001

08/04/20 08/06/20 0.085% CMB—09/17/20 42d 103,443 30,000

08/04/20 08/06/20 0.100% CMB—12/03/20 119d 103,513 30,001

08/05/20 08/11/20 0.105% CMB—11/24/20 105d 83,438 25,001

08/05/20 08/11/20 0.110% CMB—01/12/21 154d 87,246 30,001

08/11/20 08/13/20 0.095% CMB—09/24/20 42d 95,631 30,000

08/11/20 08/13/20 0.110% CMB—12/10/20 119d 101,588 30,001

08/11/20 08/13/20 0.140% bill—08/12/21 364d 116,749 37,997

08/11/20 08/17/20 0.125% note—08/15/23-AQ 3y 145,784 76,548 0.179 - 99.838798

08/12/20 08/18/20 0.110% CMB—12/01/20 105d 85,494 25,000

08/12/20 08/18/20 0.120% CMB—01/19/21 154d 98,271 30,001

08/12/20 08/17/20 0.625% note—08/15/30-E 10y 114,148 60,601 0.677 - 99.498284

08/13/20 08/17/20 1.375% bond—08/15/50 30y 71,005 41,464 1.406 - 99.243433

08/18/20 08/20/20 0.090% CMB—10/01/20 42d 96,713 30,001

08/18/20 08/20/20 0.110% CMB—12/17/20 119d 100,687 30,001

08/19/20 08/25/20 0.105% CMB—12/08/20 105d 84,013 25,001

08/19/20 08/25/20 0.115% CMB—01/26/21 154d 101,610 30,000

08/19/20 08/31/20 1.125% bond—08/15/40 20y 58,596 27,172 1.185 - 98.936182

08/20/20 08/31/20 0.250% TIPS—02/15/50 29y 6m 16,351 7,608 -0.272 - 116.316267

08/25/20 08/27/20 0.085% CMB—10/08/20 42d 101,611 30,000

08/25/20 08/27/20 0.110% CMB—12/24/20 119d 91,569 30,001

08/25/20 08/31/20 0.125% note—08/31/22-BF 2y 143,432 54,344 0.155 - 99.940116

08/26/20 09/01/20 0.100% CMB—12/15/20 105d 92,023 25,000

08/26/20 09/01/20 0.110% CMB—02/02/21 154d 110,193 30,001

08/26/20 08/28/20 0.055% FRN—07/31/22-BE 1y 11m 62,752 22,000 0.055 - 99.999997

08/26/20 08/31/20 0.250% note—08/31/25-AC 5y 142,630 55,431 0.298 - 99.761955

08/27/20 08/31/20 0.500% note—08/31/27-P 7y 120,281 51,083 0.519 - 99.869553

09/01/20 09/03/20 0.090% CMB—10/15/20 42d 102,707 30,001

09/01/20 09/03/20 0.115% CMB—12/31/20 119d 96,259 30,001

09/02/20 09/08/20 0.115% CMB—12/22/20 105d 88,434 25,001

09/02/20 09/08/20 0.120% CMB—02/09/21 154d 97,734 30,001

09/08/20 09/10/20 0.105% CMB—10/22/20 42d 95,737 30,001

09/08/20 09/10/20 0.120% CMB—01/07/21 119d 106,574 30,000

09/08/20 09/10/20 0.140% bill—09/09/21 364d 106,963 37,596

09/08/20 09/15/20 0.125% note—09/15/23-AR 3y 116,267 52,056 0.170 - 99.865401

09/09/20 09/15/20 0.115% CMB—12/29/20 105d 92,448 25,001

09/09/20 09/15/20 0.120% CMB—02/16/21 154d 98,775 30,001

09/09/20 09/15/20 0.625% note—08/15/30-E 9y 11m 82,078 36,439 0.704 - 99.244492

09/10/20 09/15/20 1.375% bond—08/15/50 29y 11m 54,020 23,946 1.473 - 97.635118
58

December 2020

Continued from PDO-2

09/15/20 09/17/20 0.095% CMB—10/29/20 42d 101,210 30,001

09/15/20 09/17/20 0.110% CMB—01/14/21 119d 116,456 30,002

09/15/20 09/30/20 1.125% bond—08/15/40 19y 11m 55,490 25,012 1.213 - 98.449355

09/16/20 09/22/20 0.100% CMB—01/05/21 105d 94,115 25,001

09/16/20 09/22/20 0.110% CMB—02/23/21 154d 103,645 30,001

09/17/20 09/30/20 0.125% TIPS—07/15/30-D 9y 10m 33,445 13,643 -0.966 - 112.388136

09/22/20 09/24/20 0.085% CMB—11/05/20 42d 108,301 30,000

09/22/20 09/24/20 0.095% CMB—01/21/21 119d 118,437 30,000

09/22/20 09/30/20 0.125% note—09/30/22-BG 2y 133,003 59,119 0.136 - 99.978037

09/23/20 09/29/20 0.090% CMB—01/12/21 105d 102,069 25,000

09/23/20 09/29/20 0.100% CMB—03/02/21 154d 98,847 30,000

09/23/20 09/25/20 0.055% FRN—07/31/22-BE 1y 10m 63,408 22,000 0.058 - 99.994389

09/23/20 09/30/20 0.250% note—09/30/25-AD 5y 140,920 60,256 0.275 - 99.875940

09/24/20 09/30/20 0.375% note—09/30/27-Q 7y 127,995 56,845 0.462 - 99.401422

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS.

2 From date of additional issue in case of a reopening.

3

In reopenings, the amount accepted is in addition to the amount of original offerings.

4

Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash.

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day.
59

December 2020

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes.

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.)
60

December 2020

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues

[In millions of dollars. Source: Bureau of the Fiscal Service]

End of

fiscal year

or month

 Total

 Federal

 securities

outstanding

(1)

Public debt securities

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6)

 Total

 outstanding

 (2)

Total

(3)

 Marketable

 (4)

Nonmarketable

(5)

2016 ................................................................19,597,812 ......... 19,573,445 5,395,699 - 5,395,699 2,830,115

2017 ................................................................20,269,269 ......... 20,244,900 5,563,074 - 5,563,074 2,867,555

2018 ................................................................21,538,880 ......... 21,516,058 5,737,252 - 5,737,252 2,697,860

2019 ................................................................ 22,740,857 ......... 22,719,402 5,893,424 - 5,893,424 2,436,438 

2020 ................................................................26,965,542 ......... 26,945,391 5,907,764 - 5,907,764 4,872,973 

2019 - Sept............................................................... 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

Oct................................................................ 23,029,685 .......... 23,008,410 6,010,478 - 6,010,478 2,492,572

Nov ................................................................ 23,097,400 ......... 23,076,199 5,953,691 - 5,953,691 2,560,109

Dec ................................................................ 23,222,591 ......... 23,201,380 6,013,988 - 6,013,988 2,637,320

2020 - Jan ................................................................ 23,708,055 23,686,871 5,994,397 - 5,994,397 2,713,573

Feb ................................................................ 23,430,714 ......... 23,409,959 5,980,003 - 5,980,003 2,787,019

Mar ................................................................ 23,244,893 ......... 23,223,813 5,995,035 - 5,995,035 3,559,553

 Apr................................................................ 24,995,281 24,974,172 5,902,393 - 5,902,393 4,300,244

May................................................................ 25,766,665 ......... 25,746,260 5,914,931 - 5,914,931 4,497,502

June................................................................ 26,498,260 ........ 26,477,241 5,928,866 - 5,928,866 4,615,353

 July............................................................... 26,545,875 26,524,953 5,872,303 - 5,872,303 4,709,565

Aug ................................................................ 26,966,120 ......... 26,945,391 5,888,362 - 5,888,362 4,798,517

Sept................................................................ 26,965,542 ........ 26,945,391 5,907,764 - 5,907,764 4,872,973

Public debt securities, continued Agency securities1

End of

fiscal year

or month

Held by private investors

Total

outstanding

 (10)

Held by

private

investors

(11)

Held by

Government

accounts

(12)

Total

(7)

Marketable

(8)

 Nonmarketable

 (9)

2015 ................................................................ 11,347,631 ......... 10,830,489 517,142 24,367 24,363 4

2016 ................................................................ 11,814,271 ......... 11,332,237 482,034 24,369 24,368 1

2017 ................................................................ 13,080,946 ......... 12,580,185 500,761 22,822 22,822 -

2018 ................................................................ 14,389,540 ......... 13,910,902 478,637 21,455 21,455

2019 ................................................................ 16,164,654 ......... 15,501,967 662,687 20,151 20,151 - 

2018 - Sept............................................................... 14,378,700 13,810,667 478,637 21,455 21,455 - 

Oct................................................................ 14,505,360 .......... 14,021,552 483,808 21,275 21,275 - 

Nov ................................................................ 14,562,399 ......... 14,067,636 494,763 21,201 21,201 - 

Dec ................................................................ 14,550,072 ......... 14,044,816 505,256 21,211 21,211 - 

2019 - Jan ................................................................ 14,515,843 14,006,429 509,414 21,184 21,184 - 

Feb ................................................................ 14,642,937 ......... 14,131,506 511,431 20,755 20,755 - 

Mar ................................................................ 14,132,283 ......... 13,603,254 529,029 21,080 21,080 - 

 Apr................................................................ 14,771,535 14,235,360 536,175 21,109 21,109 - 

May................................................................ 15,333,827 ......... 14,734,537 599,290 20,405 20,405 - 

June................................................................ 15,933,022........ 15,290,612 642,410 21,019 21,019 - 

 July............................................................... 15,946,085 15,298,299 644,787 20,922 20,922 - 

Aug ................................................................ 16,041,957 ......... 15,392,229 649,727 20,729 20,729 - 

Sept................................................................ 16,164,654........ 15,501,967 662,687 20,151 20,151 - 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
61

December 2020

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Federal 

Reserve and 

Government 

accounts 2

(2)

Pension funds 3

End of month

Total

public

debt 1

(1)

Total

privately

held

(3)

 Depository

institutions 3, 4

 (4)

U.S.

savings

bonds 5

(5)

 Private 6

 (6)

State and

local

governments

(7)

 Insurance

 compa-

 nies 3

 (8)

Mutual

funds 3, 7

(9)

 State and

 local

 govern-

 ments 3

 (10)

 Foreign

 and inter-

 national 8

 (11)

Other

 investors 9

 (12)

2020 - Sept................................ 26,945.4 ................................ 10,371.9 16,573.5 ......... - 148.6 - - - - - - -

 June ................................ 26,477.4 10,157.7 ................................ 16,319.6........ 1,157.0 149.8 740.7 337.6 242.0 3,568.2 834.7 7,046.7 2,242.9

 Mar................................ 23,686.9 ................................ 9,279.7 14,407.2 .......... 948.5 150.0 733.4 352.1 243.9 2,384.6 740.1 6,949.5 1,905.1

2019 - Dec................................ 23,201.4 ................................ 8,359.9 14,841.5 .......... 937.5 151.3 684.8 353.0 215.3 2,350.6 740.3 6,844.2 2,564.6

 Sept................................ 22,719.4 ................................ 8,023.6 14,695.8 ......... 911.7 152.3 670.6 349.0 214.3 2,217.3 696.1 6,923.5 2,561.0

 June ................................ 22,023.5 ................................ 7,945.2 14,078.4........ 810.0 153.4 447.7 388.8 206.4 1,951.2 676.7 6,625.9 2,818.3

 Mar................................ 22,028.0 ................................ 7,999.1 14,028.9 .......... 771.3 154.5 440.6 358.9 203.6 2,058.3 714.5 6,474.0 2,853.1

2018 - Dec................................ 21,974.1 ................................ 8,095.0 13,879.1 .......... 771.5 155.7 636.9 367.9 203.7 2,023.3 716.0 6,270.1 2,734.0

 Sept................................ 21,516.1 ................................ 8,068.1 13,447.9 ......... 683.9 156.8 615.2 301.7 225.9 1,898.2 733.5 6,225.9 2,606.9

 June ................................ 21,195.3 ................................ 8,106.9 13,088.5........ 665.3 157.8 604.8 307.3 225.6 1,843.4 728.7 6,225.0 2,330.5

 Mar................................ 21,089.9 ................................ 8,086.6 13,003.3 .......... 639.7 159.0 589.5 300.1 361.6 1,977.1 714.0 6,223.4 2,038.9

2017 - Dec................................ 20,492.7 ................................ 8,132.1 12,360.6 .......... 638.3 160.4 432.0 289.4 372.6 1,797.5 731.6 6,211.3 1,727.6

 Sept................................ 20,244.9 ................................ 8,036.9 12,208.0 ......... 611.8 161.7 570.8 266.5 359.4 1,697.8 714.8 6,301.9 1,523.3

 June ................................ 19,844.6 ................................ 7,943.4 11,901.1........ 621.9 162.8 425.9 262.8 348.2 1,608.5 735.1 6,151.9 1,584.0

 Mar................................ 19,846.4 ................................ 7,941.1 11,905.3 .......... 658.6 164.2 444.2 239.5 338.2 1,669.1 749.7 6,075.3 1,566.4

2016 - Dec................................ 19,976.9 ................................ 8,005.6 11,971.3 .......... 663.9 165.8 538.0 218.8 330.2 1,705.4 742.5 6,006.3 1,600.5

 Sept................................ 19,573.4 ................................ 7,863.5 11,709.9 ......... 627.6 167.5 545.6 203.8 341.2 1,600.4 735.8 6,155.9 1,332.1

 June ................................ 19,381.6 ................................ 7,911.2 11,470.4........ 580.6 169.0 537.9 185.0 329.8 1,434.2 712.6 6,279.1 1,242.2

 Mar................................ 19,264.9 ................................ 7,801.4 11,463.6 .......... 562.9 170.3 524.4 170.4 315.5 1,404.1 695.0 6,284.4 1,336.6

2015 - Dec................................ 18,922.2 ................................ 7,711.2 11,211.0 .......... 547.4 171.6 504.7 174.5 306.7 1,318.3 680.9 6,146.2 1,360.6

 Sept................................ 18,150.6 ................................ 7,488.7 10,661.9 ......... 519.1 172.8 305.3 171.0 306.6 1,195.1 646.0 6,105.9 1,240.2

 June ................................ 18,152.0 ................................ 7,536.5 10,615.5........ 518.5 173.9 373.8 185.7 304.3 1,139.8 652.8 6,163.1 1,103.5

 Mar................................ 18,152.1 ................................ 7,521.3 10,630.8 .......... 518.1 174.9 447.8 176.7 305.1 1,170.4 663.3 6,172.6 1,001.8

2014 - Dec................................ 18,141.4 ................................ 7,578.9 10,562.6 .......... 516.8 175.9 507.1 199.2 307.0 1,121.8 654.5 6,157.7 922.4

 Sept................................ 17,824.1 ................................ 7,490.8 10,333.2 ......... 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1

 June ................................ 17,632.6 ................................ 7,461.0 10,171.6........ 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1

 Mar................................ 17,601.2 ................................ 7,301.5 10,299.7 .......... 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0

2013 - Dec................................ 17,352.0 ................................ 7,205.3 10,146.6 .......... 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5

 Sept................................ 16,738.2 ................................ 6,834.2 9,904.0 ......... 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1

 June ................................ 16,738.2 ................................ 6,773.3 9,964.9........ 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8

 Mar................................ 16,771.6 ................................ 6,656.8 10,114.8 .......... 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7

2012 - Dec................................ 16,432.7 ................................ 6,523.7 9,909.1 .......... 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4

 Sept................................ 16,066.2 ................................ 6,446.8 9,619.4 ......... 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4

 June ................................ 15,855.5 ................................ 6,475 ........ .8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4

 Mar................................ 15,582.3 ................................ 6,397.2 9,185.1 .......... 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2

2011 - Dec................................ 15,222.8 ................................ 6,439.6 8,783. .......... 3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4

 Sept................................ 14,790.3 ................................ 6,328.0 8,462.4 ......... 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

 June ................................ 14,343.1 ................................ 6,220.4 8,122.7........ 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar................................ 14,270.0 ................................ 5,958.9 8,311.1 .......... 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec................................ 14,025.2 ................................ 5,656.2 8,368.9 .......... 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept................................ 13,561.6 ................................ 5,350.5 8,211.1 ......... 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ................................ 13,201.8 ................................ 5,345.1 7,856.7........ 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar................................ 12,773.1 ................................ 5,259.8 7,513.3 .......... 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value.

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings.

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4

Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies.

5 Sources: “Monthly Statement of the Public Debt of the United States (MSPD)” from 

January 1996. From December 2014 to September 2018, includes savings bonds issued 

to myRA accounts. Current accrual value.

6

Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund".

7

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx.

9

Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.
62

December 2020

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board.

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2020

[Source: Bureau of the Fiscal Service]

Currency

Total 

currency

and coin

(1)

Total currency

(2)

Federal Reserve notes 1

(3)

U.S. notes

(4)

Currency no

longer issued

(5)

Amounts outstanding ......................................................... $2,183,375,846,770 $2,133,477,052,438 $2,133,002,042,201 $238,985,066 $236,025,171

Less amounts held by:

The Treasury................................................................103,226,331 .. 41,784,331 41,565,354 7,505 211,472

FRBs .............................................................................. 150,848,731,236 149,372,125,364 149,372,086,917 224 38,223

Amounts in circulation........................................................ $2,032,423,889,203 $1,984,063,142,743 $1,983,588,389,930 $238,977,337 $235,775,476

Coins 2

Total

(1)

Dollars 2, 3

(2)

Fractional

coins

(3)

Amounts outstanding ......................................................... $49,898,794,332 6,547,064,108 43,351,730,224

Less amounts held by:

The Treasury.................................................................. 61,442,000 48,770,000 12,672,000

FRBs .............................................................................. 1,476,605,872 1,051,335,249 425,270,623

Amounts in circulation........................................................

$48,360,746,460 $5,446,958,859 $ 42,913,787,601 

See footnotes following table USCC-2.
63

December 2020

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2019

[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination

Total

(1)

Federal Reserve notes 1

(2)

U.S. notes

(3)

Currency no

longer issued

(4)

$1 ....................................................................................... $12,997,641,622 $12,857,972,132 $143,503 $139,525,987

$2 ....................................................................................... 2,686,834,596 2,555,396,808 131,425,214 12,574

$5 ....................................................................................... 15,841,040,915 15,711,241,930 107,387,410 22,411,575

$10 ..................................................................................... 22,272,898,270 22,253,146,260 6,300 19,745,710

$20 ..................................................................................... 232,559,305,740 232,539,202,500 3,820 20,099,420

$50 ..................................................................................... 109,685,174,700 109,673,685,900 500 11,488,300

$100 ................................................................................... 1,587,708,139,300 1,587,686,178,900 - 21,960,400

$500 ................................................................................... 141,748,000 141,562,500 5,500 180,000

$1,000 ................................................................................ 165,144,000 164,943,000 5,000 196,000

$5,000 ................................................................................ 1,765,000 1,710,000 - 55,000

$10,000 .............................................................................. 3,450,000 3,350,000 - 100,000

Fractional notes 5............................................................... 600 - 90 510

Total currency ................................................................$ 1,984,063,142,743 $1,983,588,389,930 $ 238,977,337 $ 235,775,476 

Comparative totals of currency and coins in circulation—selected dates

 Amounts (in millions)

 (1)

 Per capita 4

 (2)

Sept. 30, 2020...................................................................................... 2,032,424 6,150

Aug. 31, 2020....................................................................................... 2,016,969 6,107

July 31, 2020........................................................................................ 1,995,014 6,043

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1

Issued on or after July 1, 1929.

2 Excludes coins sold to collectors at premium prices.

3

Includes $481,781,898 in standard silver dollars.

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption.

6 Represents current FRB adjustment.

Foreign Currency Positions

Exchange Stabilization Fund

67

December 2020

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports.

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C).

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold.

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December).

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department.

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.
FOREIGN CURRENCY POSITIONS

December 2020

68

SECTION I—Canadian Dollar Positions

TABLE FCP-I-1—Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts Net options

positions

(3)

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

1,868,537 1,919,348 208 1.4222

04/08/20 .............................................................................

1,780,615 1,844,142 25 1.4015

04/15/20 .............................................................................

1,781,515 1,852,025 40 1.4105

04/22/20 .............................................................................

1,738,226 1,802,541 67 1.4132

04/29/20 .............................................................................

1,783,457 1,853,981 -84 1.3936

05/06/20 .............................................................................

1,765,786 1,831,897 -5 1.4143

05/13/20 .............................................................................

1,778,812 1,841,731 -119 1.4089

05/20/20 .............................................................................

1,758,085 1,820,190 -157 1.3911

05/27/20 .............................................................................

1,764,494 1,827,922 -241 1.3786

06/03/20 .............................................................................

1,788,068 1,849,410 -240 1.3489

06/10/20 .............................................................................

1,847,186 1,898,234 -265 1.3388

06/17/20 .............................................................................

1,560,311 1,612,128 -189 1.3570

06/24/20 .............................................................................

1,581,970 1,637,957 -188 1.3601

07/01/20 .............................................................................

1,661,221 1,724,522 -237 1.3579

07/08/20 .............................................................................

1,542,844 1,599,095 -218 1.3539

07/15/20 .............................................................................

1,594,475 1,644,385 -224 1.3521

07/22/20 .............................................................................

1,569,050 1,622,742 -228 1.3407

07/29/20 .............................................................................

1,602,332 1,643,816 -321 1.3370

08/05/20 ............................................................................. 2,063,320 2,168,726 -136 1.3330

08/12/20 ............................................................................. 2,058,467 2,151,315 -167 1.3320

08/19/20 ............................................................................. 2,088,262 2,189,435 -109 1.3275

08/26/20 ............................................................................. 2,200,298 2,289,870 -94 1.3299

09/02/20 .............................................................................

1,757,573 1,814,548 -382 1.3061

09/09/20 .............................................................................

1,759,280 1,825,089 -285 1.3163

09/16/20 .............................................................................

1,524,741 1,586,214 -257 1.3164

09/23/20 .............................................................................

1,553,322 1,612,175 -240 1.3373

09/30/20 .............................................................................

1,547,888 1,603,582 -244 1.3323
FOREIGN CURRENCY POSITIONS

December 2020

69

SECTION I—Canadian Dollar Positions, continued

TABLE FCP-I-2—Monthly Report of Major Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange rate

(Canadian

dollars per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec..........................................................................

1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517

2018 - Dec..........................................................................

1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644

2019 - Oct. .........................................................................

2,057,220 2,131,221 294,434 184,124 53,572 50,260 77,479 69,186 -163 1.3144

Nov .........................................................................

1,939,930 2,009,440 291,921 n.a. 53,563 49,493 70,349 68,590 -141 1.3291

Dec .........................................................................

1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962

2020 – Jan. ........................................................................

1,779,799 1,849,366 413,962 n.a. 47,493 46,346 69,306 63,548 -171 1.3220

Feb .........................................................................

1,932,800 2,010,357 440,202 n.a. 57,471 52,991 86,169 83,187 -203 1.3411

Mar .........................................................................

1,865,276 1,922,160 252,425 n.a. 71,395 60,722 103,975 97,906 283 1.4123

 Apr..........................................................................

1,841,130 1,910,795 258,951 n.a. 69,158 57,720 105,000 100,201 -70 1.3911

May.........................................................................

1,819,304 1,878,733 270,223 n.a. 68,144 56,195 94,046 96,715 -157 1.3809

June........................................................................

1,580,213 1,639,903 252,213 n.a. 65,025 53,887 94,868 98,647 -189 1.3614

 July.........................................................................

1,677,198 1,731,687 279,492 n.a. 66,430 59,284 95,432 93,843 -232 1.3384

Aug .........................................................................

1,786,728 1,849,915 277,732 n.a. 59,414 53,096 88,067 88,484 -218 1.3034

Sept........................................................................

1,691,002 1,743,107 228,690 n.a. 45,672 45,176 81,755 78,328 -192 1.3323

TABLE FCP-I-3—Quarterly Report of Large Market Participants

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Canadian

dollars per

U.S. dollar)

(10)

Calls Puts

Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2017 - Dec................................ 33,411 ................................ 65,839 ..Mar. 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517

2018 - Mar................................ 30,951 ................................ 67,926 .......... 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891

June ................................ 35,482................................ 69,299 ........ 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140

Sept................................ 36,139................................ 66,217 ......... 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922

Dec................................ 29,734 ................................ 61,026 .......... 139,329 98,110 696 346 3,017 1,941 18 1.3644

2019 - Mar................................ 44,154 ................................ 77,412 .......... 136,922 n.a. 326 276 4,592 n.a. 4 1.3360

June ................................ 61,181................................ 92,673 ........ 141,337 n.a. 1,612 922 n.a. 427 n.a. 1.3091

Sept................................ 65,325................................ 98,507 ......... 135,411 n.a. 527 393 n.a. 653 -2 1.3243

Dec................................ 45,259 ................................ 78,619 .......... 130,707 n.a. 449 352 n.a. 463 -5 1.2962

2020 - Mar................................ 37,877 ................................ 79,185 .......... 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123

June ................................ 35,082................................ 75,469 ........ 121,025 n.a. 531 414 n.a. 755 26 1.3614
FOREIGN CURRENCY POSITIONS

December 2020

70

SECTION II—Japanese Yen Positions

TABLE FCP-II-1—Weekly Report of Major Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

594,569 595,267 -26 107.05

04/08/20 .............................................................................

570,507 570,731 -17 108.70

04/15/20 .............................................................................

557,921 557,788 -37 107.42

04/22/20 .............................................................................

551,009 549,998 -39 107.81

04/29/20 .............................................................................

582,806 582,981 -58 106.67

05/06/20 .............................................................................

616,344 614,610 -55 106.07

05/13/20 .............................................................................

566,856 567,497 -58 106.92

05/20/20 .............................................................................

550,472 551,861 -58 107.46

05/27/20 .............................................................................

554,947 554,704 -59 107.79

06/03/20 .............................................................................

567,440 568,109 -78 108.88

06/10/20 .............................................................................

591,905 592,561 -75 107.25

06/17/20 .............................................................................

548,020 547,141 -73 107.26

06/24/20 .............................................................................

552,458 556,048 -72 106.83

07/01/20 .............................................................................

565,570 568,809 -86 107.50

07/08/20 .............................................................................

553,203 554,971 -87 107.39

07/15/20 .............................................................................

549,014 550,794 -81 106.92

07/22/20 .............................................................................

535,018 536,023 -86 107.18

07/29/20 .............................................................................

550,755 553,669 -92 105.06

08/05/20 .............................................................................

547,817 548,784 -89 105.44

08/12/20 .............................................................................

567,416 567,335 n.a. 106.85

08/19/20 .............................................................................

559,054 546,846 -85 105.71

08/26/20 .............................................................................

561,794 549,575 -90 106.13

09/02/20 .............................................................................

586,864 575,413 -87 106.15

09/09/20 .............................................................................

592,353 580,443 -89 106.23

09/16/20 .............................................................................

544,957 532,531 -71 104.94

09/23/20 .............................................................................

561,800 552,251 -69 105.34

09/30/20 .............................................................................
FOREIGN CURRENCY POSITIONS

December 2020

71

SECTION II—Japanese Yen Positions, continued

TABLE FCP-II-2—Monthly Report of Major Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

2017 - Dec................................ 504,078 ................................ 520,500 .......... 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69

2018 - Dec................................ 563,910 ................................ 575,977 .......... 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70

2019 - Oct. ................................ 627,992 ................................ 631,273 ......... 109,504 84,894 32,649 33,934 54,940 56,034 9 108.09

Nov ................................ 595,565 ................................ 595,977 ......... 102,084 84,652 32,666 35,307 51,103 54,503 -35 109.47

Dec ................................ 514,008 ................................ 518,815 ......... 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67

2020 – Jan. ................................ 535,693................................ 543,117 ........ 87,022 72,337 31,814 33,768 48,528 52,024 -18 108.50

Feb ................................ 576,326 ................................ 583,699 ......... 97,443 86,210 35,640 37,364 53,210 57,804 -14 108.12

Mar ................................ 589,962 ................................ 590,317 ......... 92,368 80,754 40,090 41,475 59,480 64,273 34 107.53

 Apr................................. 589,164 ................................ 587,185 ......... 91,266 81,766 37,104 38,387 55,117 59,061 -1 106.94

May................................ 568,008 ................................ 566,109 ......... 87,358 76,126 34,470 35,371 52,631 56,174 -29 107.77

June................................ 559,664................................ 560,995 ........ 94,239 81,863 36,371 36,846 54,856 58,729 -42 107.77

 July................................. 571,100................................ 570,595 ........ 96,990 87,137 35,414 36,745 56,876 60,506 -37 105.78

Aug ................................ 586,727 ................................ 572,430 ......... 88,350 79,089 34,100 36,188 53,773 56,854 -48 105.84

Sept................................ 560,205................................ 549,301 ........ 88,384 75,801 33,066 34,752 50,830 54,384 -29 105.58

TABLE FCP-II-3—Quarterly Report of Large Market Participants

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

(8)

2017 - Dec................................ 6,451 ................................ 6,017 ..Mar. 7,824 6,224 n.a. 373 537 n.a. 3 112.69

2018 - Mar................................ 7,528 ................................ 5,557 .......... 8,133 5,332 n.a. 568 568 312 -1 106.20

June ................................ 8,528................................ 6,807 ........ 8,813 6,062 371 432 446 259 -4 110.71

Sept................................ 8,632................................ 8,294 ......... 9,056 6,455 432 517.988 386.995 145 -9 113.48

Dec................................ 8,255 ................................ 5,873 .......... 8,065 6,269 489 505 440 153 49 109.70

2019 - Mar................................ 7,790 ................................ 7,262 .......... 9,387 6,865 297 513 425 122 3 110.68

June ................................ 7,769................................ 6,437 ........ 9,348 6,519 499 553.772 665.123 186 -38 107.84

Sept................................ 7,691................................ 6,782 ......... 8,470 5,769 302 445 550 135 1 108.11

Dec................................ 7,446 ................................ 6,168 .......... 8,607 6,269 86 287 417 133 n.a. 108.67

2020 - Mar................................ 9,603 ................................ 9,032 .......... 7,929 5,746 172 312.801 426.057 179 n.a. 107.53

 June ................................ 7,851................................ 7,559 ........ 8,981 6,130 150 322 328 91 6 107.77
FOREIGN CURRENCY POSITIONS

December 2020

72

SECTION III—Swiss Franc Positions

TABLE FCP-III-1—Weekly Report of Major Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

1,053,948 1,062,885 n.a. 0.9675

04/08/20 .............................................................................

980,191 985,211 n.a. 0.9710

04/15/20 .............................................................................

954,732 962,717 n.a. 0.9647

04/22/20 .............................................................................

944,157 948,469 n.a. 0.9711

04/29/20 .............................................................................

957,345 952,105 n.a. 0.9748

05/06/20 .............................................................................

938,066 927,400 n.a. 0.9745

05/13/20 .............................................................................

954,301 955,208 n.a. 0.9704

05/20/20 .............................................................................

923,475 922,978 n.a. 0.9649

05/27/20 .............................................................................

959,707 957,420 n.a. 0.9696

06/03/20 .............................................................................

985,427 979,018 n.a. 0.9613

06/10/20 .............................................................................

987,897 988,649 n.a. 0.9450

06/17/20 .............................................................................

863,595 868,600 n.a. 0.9512

06/24/20 .............................................................................

862,150 869,469 n.a. 0.9471

07/01/20 .............................................................................

904,732 908,279 n.a. 0.9455

07/08/20 .............................................................................

886,631 882,151 n.a. 0.9382

07/15/20 .............................................................................

898,197 894,921 n.a. 0.9439

07/22/20 .............................................................................

855,254 852,855 n.a. 0.9288

07/29/20 .............................................................................

849,093 851,467 n.a. 0.9141

08/05/20 .............................................................................

862,023 856,864 n.a. 0.9053

08/12/20 .............................................................................

881,371 882,483 n.a. 0.9109

08/19/20 .............................................................................

846,831 848,232 n.a. 0.9114

08/26/20 .............................................................................

845,231 841,925 n.a. 0.9086

09/02/20 .............................................................................

897,879 902,666 n.a. 0.9107

09/09/20 .............................................................................

943,311 949,809 n.a. 0.9131

09/16/20 .............................................................................

827,372 830,304 n.a. 0.9080

09/23/20 .............................................................................

813,873 821,524 n.a. 0.9233

09/30/20 .............................................................................

795,385 803,644 n.a. 0.9188
FOREIGN CURRENCY POSITIONS

December 2020

73

SECTION III—Swiss Franc Positions, continued

TABLE FCP-III-2—Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

 Sold

 (2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 802,799 ................................ 840,898..........108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738

2018 - Dec................................ 903,658 ................................ 958,551..........140,373 74,358 41,440 40,908 71,023 66,935 n.a 0.9832

2019 - Oct. ................................ 1,186,354 ................................ 1,244,167.........108,435 76,221 46,576 44,035 80,453 76,936 n.a. 0.9868

Nov ................................ 1,097,710 ................................ 1,154,485.........100,072 83,838 43,442 40,613 70,070 67,115 n.a. 1.0001

Dec ................................ 875,026 ................................ 919,323......... 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677

2020 – Jan. ................................ 994,355 ................................ 1,024,500........ 96,193 69,982 46,513 44,284 69,965 67,047 n.a. 0.9645

Feb ................................ 1,065,027 ................................ 1,097,649......... 89,911 68,584 47,236 45,141 65,978 63,666 n.a. 0.9671

Mar ................................ 1,063,516 ................................ 1,086,862......... 86,798 69,394 45,839 45,627 74,146 68,087 n.a. 0.9627

 Apr................................. 1,020,472 ................................ 1,019,767......... 88,097 69,384 48,997 47,007 69,202 63,702 n.a. 0.9669

May................................ 1,038,532 ................................ 1,034,686......... 86,450 68,148 50,534 47,800 73,666 67,694 n.a. 0.9618

June................................ 889,360 ................................ 893,775........ 90,126 70,360 46,665 43,727 65,573 62,186 n.a. 0.9467

 July................................. 908,472 ................................ 922,263........ 92,858 73,932 46,149 42,599 62,196 58,714 n.a. 0.9113

Aug ................................ 919,655 ................................ 931,052......... 91,978 74,491 43,348 39,871 58,502 57,482 n.a. 0.9012

Sept................................ 916,414 ................................ 941,467........ 80,315 60,526 39,568 36,235 55,222 55,320 n.a. 0.9188

TABLE FCP-III-3—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 13,981 ................................ 15,244 ..Mar.137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738

2018 - Mar................................ 16,766 ................................ 16,882 .......... n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532

June ................................ 16,890................................ 20,470 ........142,369 20,256 447 n.a. n.a. 18 8 0.9922

Sept................................ 19,130................................ 19,387 .........123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758

Dec................................ 15,001 ................................ 18,474 .......... n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832

2019 - Mar................................ 15,382 ................................ 18,508 ..........116,780 17,956 n.a. n.a. 1,002 n.a. n.a. 0.9962

June ................................ 15,792................................ 24,077 ........111,660 16,940 n.a. n.a. n.a. n.a. n.a. 0.9758

Sept................................ 15,906................................ 20,908 .........109,813 16,485 82 n.a. 148 67 n.a. 0.9978

Dec................................ 11,913 ................................ 18,354 ..........106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677

2020 - Mar................................ 16,6................................ 12 17,786 ..........106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627

 June ................................ 11,293................................ 13,266 ........102,772 13,395 n.a. n.a. n.a. n.a. n.a. 0.9467
FOREIGN CURRENCY POSITIONS

December 2020

74

SECTION IV—Sterling Positions

TABLE FCP-IV-1—Weekly Report of Major Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Exchange

rate (U.S. 

dollars per 

pound)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

3,173,831 3,329,574 -131 1.2394

04/08/20 .............................................................................

2,899,517 3,056,093 -130 1.2394

04/15/20 .............................................................................

2,834,848 2,988,560 -45 1.2523

04/22/20 .............................................................................

2,829,771 2,983,175 -50 1.2332

04/29/20 .............................................................................

2,891,103 3,043,604 -78 1.2429

05/06/20 .............................................................................

2,780,726 2,928,781 -85 1.2347

05/13/20 .............................................................................

2,878,319 3,022,263 -132 1.2225

05/20/20 .............................................................................

2,807,011 2,946,629 -127 1.2257

05/27/20 .............................................................................

2,902,338 3,044,886 -142 1.2231

06/03/20 .............................................................................

2,883,064 3,045,994 -48 1.2600

06/10/20 .............................................................................

3,003,886 3,180,526 -22 1.2758

06/17/20 .............................................................................

2,743,646 2,924,888 -44 1.2526

06/24/20 .............................................................................

2,718,031 2,909,952 -85 1.2432

07/01/20 .............................................................................

2,901,058 3,091,480 -87 1.2474

07/08/20 .............................................................................

2,728,908 2,887,859 -63 1.2593

07/15/20 .............................................................................

2,756,108 2,922,615 -132 1.2586

07/22/20 .............................................................................

2,683,085 2,843,250 -106 1.2729

07/29/20 .............................................................................

2,789,732 2,966,401 -54 1.2974

08/05/20 .............................................................................

2,730,447 2,895,124 -47 1.3141

08/12/20 .............................................................................

2,791,916 2,978,580 -71 1.3047

08/19/20 .............................................................................

2,773,363 2,951,699 -33 1.3191

08/26/20 .............................................................................

2,801,912 2,979,899 -40 1.3186

09/02/20 .............................................................................

2,892,295 3,054,062 17 1.3315

09/09/20 .............................................................................

3,044,980 3,204,646 -110 1.3011

09/16/20 .............................................................................

2,789,460 2,949,114 -43 1.2980

09/23/20 .............................................................................

2,788,578 2,953,615 -87 1.2750

09/30/20 .............................................................................

2,858,364 3,037,657 -78 1.2921
FOREIGN CURRENCY POSITIONS

December 2020

75

SECTION IV—Sterling Positions, continued

TABLE FCP-IV-2—Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate 

(U.S. dollars

per pound)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 2,423,244 ................................ 2,623,676 ..........926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529

2018 - Dec................................ 2,689,988 ................................ 2,890,865 .......... 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763

2019 - Oct. ................................ 3,442,433 ................................ 3,632,212 .........732,395 709,180 235,893 238,671 130,162 129,384 -346 1.2939

Nov ................................ 3,188,022 ................................ 3,372,011 .........697,434 607,641 182,832 185,455 121,398 113,883 -360 1.2939

Dec ................................ 2,782,534 ................................ 3,002,683 .........657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269

2020 – Jan. ................................ 3,085,125 ................................ 3,289,926 ........662,147 547,746 125,856 129,034 84,291 79,450 n.a. 1.3195

Feb ................................ 3,039,361 ................................ 3,222,077 .........695,560 595,904 108,688 109,546 85,322 80,166 -265 1.2778

Mar ................................ 3,138,105 ................................ 3,315,938 .........694,060 606,479 112,334 109,827 90,332 83,233 -75 1.2454

 Apr................................. 2,987,286 ................................ 3,160,213 .........662,150 555,773 88,216 85,904 77,586 70,839 -119 1.2602

May................................ 3,003,523 ................................ 3,173,289 .........641,487 542,145 80,616 76,412 73,891 67,743 -144 1.2320

June................................ 2,871,42................................ 8 3,064,521 ........667,983 575,234 70,618 69,518 73,033 66,466 -156 1.2369

 July................................. 2,950,888 ................................ 3,153,353 ........694,056 607,331 69,072 64,886 63,164 58,327 21 1.3133

Aug ................................ 3,039,636 ................................ 3,226,248 .........661,794 570,503 68,135 64,430 65,188 61,872 64 1.3375

Sept................................ 3,067,850................................ 3,263,317 ........638,283 568,045 83,074 80,765 82,073 75,679 -55 1.2921

TABLE FCP-IV-3—Quarterly Report of Large Market Participants

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions Exchange rate

(U.S. dollars

per pound)

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 25,399 ................................ 53,184 ..Mar.191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529

2018 - Mar................................ 30,475 ................................ 53,016 ..........199,384 59,382 981 1,011 2,162 n.a. 41 1.4027

June ................................ 29,048................................ 52,235 ........194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197

Sept................................ 41,040................................ 58,126 .........201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053

Dec................................ 35,003 ................................ 56,301 ..........196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763

2019 - Mar................................ 38,710 ................................ 60,551 ..........212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032

June ................................ 33,103................................ 59,034 ........205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704

Sept................................ 38,175................................ 64,162 .........207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305

Dec................................ 37,609 ................................ 60,334 ..........206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269

2020 - Mar................................ 39,590 ................................ 67,544 ..........207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454

 June ................................ 34,557................................ 61,852 ........208,982 76,376 1,417 1,178 2,131 2,125 151 1.2369
FOREIGN CURRENCY POSITIONS

December 2020

76

SECTION V—U.S. Dollar Positions

TABLE FCP-V-1—Weekly Report of Major Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts Net options

positions

(3)

Exchange

rate

(4)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

27,161,446 26,588,163 -458 -

04/08/20 .............................................................................

25,837,308 25,240,983 -563 -

04/15/20 .............................................................................

25,301,978 24,744,546 -689 -

04/22/20 .............................................................................

24,938,213 24,369,934 -306 -

04/29/20 .............................................................................

25,729,037 25,164,461 -1,102 -

05/06/20 .............................................................................

25,411,892 24,771,656 -527 -

05/13/20 .............................................................................

25,424,084 24,816,323 -480 -

05/20/20 .............................................................................

25,013,628 24,391,917 -711 -

05/27/20 .............................................................................

25,598,173 24,992,312 -1,091 -

06/03/20 .............................................................................

26,047,194 25,466,169 -1,421 -

06/10/20 .............................................................................

27,199,996 26,651,401 -1,579 -

06/17/20 .............................................................................

24,519,073 23,929,119 -1,655 -

06/24/20 .............................................................................

24,352,227 23,715,606 -1,938 -

07/01/20 .............................................................................

25,083,486 24,440,413 -1,840 -

07/08/20 .............................................................................

24,288,228 23,713,957 -1,889 -

07/15/20 .............................................................................

24,449,342 23,900,663 -1,983 -

07/22/20 .............................................................................

24,268,267 23,745,599 -1,678 -

07/29/20 .............................................................................

24,949,609 24,434,164 -2577 -

08/05/20 .............................................................................

24,755,232 24,237,713 -2,768 -

08/12/20 .............................................................................

25,343,288 24,813,478 -2,094 -

08/19/20 .............................................................................

25,270,577 24,753,090 -2,150 -

08/26/20 .............................................................................

25,739,440 25,225,083 -2,175 -

09/02/20 .............................................................................

26,401,414 25,803,699 -2,029 -

09/09/20 .............................................................................

27,373,424 26,724,726 -1,959 -

09/16/20 .............................................................................

24,905,955 24,492,522 -1,810 -

09/23/20 .............................................................................

25,147,017 24,459,970 -1,080 -

09/30/20 .............................................................................

24,453,430 23,678,379 -1,545 -
FOREIGN CURRENCY POSITIONS

December 2020

77

SECTION V—U.S. Dollar Positions, continued

TABLE FCP-V-2—Monthly Report of Major Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Calls Puts Net delta

equivalent

(9)

Exchange

rate

(10)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 22,947,777................................ 22,020,668.......... - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a

2018 - Dec................................ 25,392,480................................ 24,612,467.......... - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a

2019 - Oct. ................................ 29,219,092................................ 28,474,934......... - - 1,570,182 1,511,671 1,322,629 1,304,180 -1593 n.a

Nov ................................ 28,294,453................................ 27,624,143......... - - 1,455,996 1,418,798 1,258,810 1,225,075 -2,106 n.a

Dec ................................ 24,180,933................................ 23,475,477......... - - 1,314,653 1,305,332 1,109,429 1,106,074 -1902 n.a

2020 – Jan. ................................ 26,288,090................................ 25,596,527 ........ - - 1,363,899 1,380,408 1,184,501 1,148,168 -1,366 n.a

Feb ................................ 27,703,334................................ 27,013,747......... - - 1,557,226 1,587,528 1,265,035 1,237,457 -998 n.a

Mar ................................ 27,248,371................................ 26,611,540......... - - 1,630,356 1,663,835 1,366,642 1,365,870 713 n.a

 Apr................................. 26,459,016................................ 25,873,845......... - - 1,506,705 1,536,993 1,267,422 1,277,225 -559 n.a

May................................ 26,307,968................................ 25,702,780......... - - 1,509,774 1,539,411 1,218,664 1,251,305 -792 n.a

June................................ 24,851,800................................ 24,245,694 ........ - - 1,519,578 1,509,168 1,211,803 1,251,072 -976 n.a

 July................................. 25,999,106................................ 25,423,523 ........ - - 1,532,311 1,526,221 1,325,310 1,365,900 -1,202 n.a

Aug ................................ 26,866,602................................ 26,334,076......... - - 1,499,717 1,502,328 1,338,197 1,349,100 -224 n.a

Sept................................ 26,062,176................................ 25,467,118 ........ - - 1,442,221 1,442,951 1,271,881 1,279,101 -112 n.a

TABLE FCP-V-3—Quarterly Report of Large Market Participants

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

 Written

 (6)

 Bought

 (7)

Written

(8)

2017 - Dec................................ 413,086................................ 391,712 ..Mar. - - 22,767 13,886 11,689 15,952 3,468 n.a.

2018 - Mar................................ 409,805................................ 388,908 .......... - - 22,041 14,030 17,127 23,531 2,909 n.a.

June ................................ 453,783................................ 396,708 ........ - - 27,521 21,915 18,996 22,059 3,559 n.a.

Sept................................ 460,821................................ 345,464 ......... - - 23,367 20,128 14,757 15,794 3,811 n.a.

Dec................................ 424,656................................ 368,534 .......... - - 23,014 25,224 26,202 25,804 2,684 n.a.

2019 - Mar................................ 479,088................................ 367,085 .......... - - 24,392 24,220 27,390 26,982 1,982 n.a.

June ................................ 492,795................................ 384,134 ........ - - 22,611 19,703 22,966 20,310 2,439 n.a.

Sept................................ 517,152................................ 383,695 ......... - - 22,698 19,505 21,249 19,635 1,960 n.a.

Dec................................ 489,523................................ 335,160 .......... - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar................................ 527,617................................ 368,051 .......... - - 18,296 18,350 16,512 19,723 2,356 n.a.

 June ................................ 475,978................................ 318,812 ........ - - 16,423 18,642 22,614 19,932 847 n.a.
FOREIGN CURRENCY POSITIONS

December 2020

78

SECTION VI—Euro Positions

TABLE FCP-VI-1—Weekly Report of Major Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Exchange 

rate

(Euros per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions

(3)

Purchased

(1)

Sold

(2)

04/01/20 .............................................................................

7,835,470 8,023,150 -67 0.9146

04/08/20 .............................................................................

7,433,344 7,642,880 -125 0.9205

04/15/20 .............................................................................

7,248,478 7,411,320 -197 0.9167

04/22/20 .............................................................................

7,114,786 7,317,130 -272 0.9235

04/29/20 .............................................................................

7,339,180 7,534,281 -394 0.9214

05/06/20 .............................................................................

7,319,269 7,560,420 -555 0.9254

05/13/20 .............................................................................

7,367,712 7,602,530 -434 0.9228

05/20/20 .............................................................................

7,183,814 7,430,636 -199 0.9108

05/27/20 .............................................................................

7,389,491 7,646,369 -246 0.9117

06/03/20 .............................................................................

7,527,466 7,756,974 -150 0.8892

06/10/20 .............................................................................

7,856,142 8,082,091 -76 0.8807

06/17/20 .............................................................................

7,249,885 7,474,822 -38 0.8914

06/24/20 .............................................................................

7,148,858 7,362,857 -103 0.8872

07/01/20 .............................................................................

7,417,763 7,628,427 -90 0.8882

07/08/20 .............................................................................

7,077,373 7,289,202 -305 0.8827

07/15/20 .............................................................................

7,173,138 7,357,403 -473 0.8767

07/22/20 .............................................................................

7,083,314 7,242,102 -621 0.8630

07/29/20 .............................................................................

7,241,006 7,399,487 -415 0.8496

08/05/20 .............................................................................

7,143,091 7,297,623 -109 0.8405

08/12/20 .............................................................................

7,291,644 7,441,041 -259 0.8477

08/19/20 .............................................................................

7,113,751 7,273,847 104 0.8405

08/26/20 .............................................................................

7,105,164 7,291,820 -112 0.8465

09/02/20 .............................................................................

7,416,354 7,587,173 -45 0.8446

09/09/20 .............................................................................

7,544,755 7,735,950 -206 0.8467

09/16/20 .............................................................................

6,957,609 7,131,314 -59 0.8450

09/23/20 .............................................................................

6,970,697 7,182,594 -355 0.8564

09/30/20 .............................................................................

6,810,165 7,005,391 -286 0.8530
FOREIGN CURRENCY POSITIONS

December 2020

79

SECTION VI—Euro Positions, continued

TABLE FCP-VI-2—Monthly Report of Major Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 6,140,523 ................................ 6,462,865 ..........2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318

2018 - Dec................................ 6,855,887 ................................ 7,081,645 ..........2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729

2019 - Oct. ................................ 8,162,235 ................................ 8,324,022 .........1,677,687 1,977,217 524,178 514,435 426,610 419,230 123 0.8965

Nov ................................ 7,930,985 ................................ 8,061,576 .........1,668,964 1,620,368 497,922 478,846 365,112 357,673 -95 0.9075

Dec ................................ 6,756,072 ................................ 6,851,499 .........1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907

2020 – Jan. ................................ 7,285,961 ................................ 7,331,455 ........1,532,508 1,456,626 459,220 442,111 305,713 304,297 -127 0.9024

Feb ................................ 7,780,386 ................................ 7,887,143 .........1,542,028 1,469,699 510,380 502,068 355,452 355,121 -195 0.9090

Mar ................................ 7,805,377 ................................ 7,990,868 .........1,479,544 1,475,386 604,517 598,153 367,595 362,819 215 0.9078

 Apr................................. 7,637,60................................ 2 7,811,742 .........1,422,476 1,437,799 530,015 538,550 358,952 340,364 -142 0.9146

May................................ 7,663,178 ................................ 7,864,702 .........1,462,033 1,513,407 524,746 529,955 351,391 333,556 -102 0.9003

June................................ 7,374,067 ................................ 7,549,259 ........1,471,701 1,491,901 518,239 530,089 344,896 328,221 -68 0.8899

 July................................. 7,658,361 ................................ 7,771,813 ........1,603,291 1,576,443 635,900 637,924 359,736 339,880 -272 0.8459

Aug ................................ 7,514,678 ................................ 7,688,086 .........1,542,516 1,485,333 658,450 658,714 350,406 334,381 74 0.8368

Sept................................ 7,330,142 ................................ 7,499,167 ........1,465,244 1,365,571 608,184 601,419 355,530 341,386 -310 0.8530

TABLE FCP-VI-3—Quarterly Report of Large Market Participants

[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward 

and future contracts

Foreign currency 

denominated

Options positions

Exchange

rate

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

2017 - Dec................................ 132,848 ................................ 141,002 ..Mar.424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318

2018 - Mar................................ 121,906 ................................ 133,637 ..........438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117

June ................................ 127,433 ................................ 149,132 ........420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564

Sept................................ 148,337 ................................ 150,159 .........420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604

Dec................................ 120,635 ................................ 151,502 ..........403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729

2019 - Mar................................ 123,672 ................................ 155,693 ..........399,029 230,690 6,690 6,683 16,534 12,516 n.a. 0.8906

June ................................ 138,570 ................................ 152,753 ........415,773 246,478 7,578 6,376 8,135 4,478 n.a. 0.8792

Sept................................ 143,594 ................................ 164,534 .........418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170

Dec................................ 119,978 ................................ 156,168 ..........419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907

2020 - Mar................................ 130,902 ................................ 158,097 ..........382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078

 June ................................ 108,388 ................................ 135,594 ........383,462 233,910 11,006 8,743 8,475 5,323 1,127 0.8899
80

December 2020

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system.

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the Exchange Stabilization Fund (ESF), which the 

Secretary of the Treasury is authorized to use to make loans, 

loan guarantees, and other investments in support of eligible 

businesses, States, and municipalities and to provide the 

subsidy amounts necessary for such loans, loan guarantees, 

and other investments in accordance with the provisions of 

the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et 

seq.). The CARES Act appropriation is used to fund the 

credit subsidy portion of loans, loan guarantees, and other 

investments authorized under section 4003 of the CARES 

Act, and the remaining portion of such disbursements is 

funded by borrowings from Treasury through the Bureau of 

Fiscal Service. This appropriated balance and borrowings 

from Treasury are held as a fund balance with Treasury until 

disbursed. 

Resources of the fund include (a) Fund Balance, which 

reflects the appropriation from the CARES Act minus the 

net credit subsidy portion of all investments and loans

receivable and expenditures for administrative expenses in 

support of the CARES Act, (b) U.S. Government securities

(dollar balances), (c) special drawing rights -SDRs, and (d) 

foreign currencies. Principal sources of income -+ or loss --

for the fund are profits -+ or losses -- on SDRs and foreign 

exchange, interest earned on U.S Government and foreign 

securities, SDRs, and other non-CARES Act facilities.

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting.

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the $500 billion 

appropriated under the CARES Act Sec 4003 minus

transfers and expenditures. Conversion gains and losses are 

reflected in the cumulative net income -+ or loss -- account.

• Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

loan guarantees and other investments are accrued.

See Table ESF-1 and ESF-2 on the following pages.
81

December 2020

TABLE ESF-1—Balances as of June 30, 2020, and September 30, 2020

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital June 30, 2020

July 1, 2020,

through

Sept. 30, 2020 Sept. 30, 2020

Assets

U.S. dollars:

Held with Treasury:

Fund Balance................................................................... 489,953,795 (8,146,284) 481,807,511 

U.S. Government securities............................................. 11,172,304 (2,362) 11,169,942 

Special drawing rights 1........................................................... 50,556,326 1,176,617 51,732,943 

Economic recovery program investments ......................... 114,000,000 118,699 114,118,699 

Economic recovery program loans receivable........................ - 1,821,145 1,821,145 

Foreign exchange and securities: 

European euro ..................................................................... 12,091,238 518,426 12,609,664 

Japanese yen....................................................................... 8,673,806 179,901 8,853,707 

Accounts receivable................................................................. 62,170 (1,933) 60,237

Total assets.......................................................................... 686,509,639 (4,335,791) 682,173,848

Liabilities and capital

Current liabilities:

Accounts payable................................................................. 5,753 2,117 7,870

Total current liabilities ...................................................... 5,753 2,117 7,870

Other liabilities:

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 48,583,782 1,125,511 49,709,293 

Debt, including accrued interest payable........................ 92,742,336 (5,642,197) 87,100,139 

Total other liabilities ......................................................... 146,526,118 (4,516,686) 142,009,432 

Capital:

Initial appropriated capital account...................................... 200,000 - 200,000 

Additional appropriated capital account.......................... 499,973,622 (3,351) 499,970,271 

Net income -+ or loss -- -see Table ESF-2.......................... 285,089 182,128 467,217 

Total capital...................................................................... 539,977,768 178,778 540,156,546 

Total liabilities and capital............................................ 686,509,639 (4,335,791) 682,173,848 

See footnote on the following page.
82

December 2020

TABLE ESF-2—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

July 1, 2020,

through 

Sept. 30, 2020

Fiscal year to date

Oct. 1, 2019

through

Sept. 30, 2020

Income and expense

Profit -+ or loss-- on:

 Foreign exchange ......................................................... 705,406 1,092,086 

Adjustment for change in valuation

of SDR holdings and allocations 1.................................... 45,682 62,286 

Interest (+) or net charges (-) on:

SDRs........................................................................... 151 6,487

 U.S. government securities........................................ 2,709 169,644

 Foreign exchange........................................................ (10,661) (39,604)

Economic recovery program (+) or net charges (-) on:

Appropriations revenue.............................................. 3,351 4,729

Administrative expense...............................................

.

 (3,397) (5,070)

 Facility fees.................................................................

- 118,699

Net interest revenue and expense............................... (679,812) (942,040)

 Income for operations..................................................

 182,128 467,217 

 Net income (+) or loss (-) ........................................

 182,128 467,217 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”
Trust Funds

TRUST FUNDS 85

December 2020

INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts since

1959. The FAST Act extends through September 30, 2021, the 

authority to make expenditures from the Highway Trust Fund

for authorized purposes. After that date, expenditures from the 

Trust Fund are authorized only to liquidate obligations made 

before that date. Any other expenditure will cause the 

cessation of deposits of highway-user taxes to the Trust Fund. 

[FAST Act § 31101, 26 U.S.C. 9503].

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, and 

heavy vehicle use are designated by the Act to be

appropriated and transferred from the general fund of the

Treasury to Highway Account of the trust fund. These

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to

reflect the amount of actual tax receipts. Amounts available

in the fund exceeding outlay requirements are invested in noninterest-bearing public debt securities.

The Highway Trust Fund’s Mass Transit Account is

funded by a portion of the excise tax collections under sections

4041 and 4081 of the IRC (title 26 United States Code).

The funds from this account are used for expenditures in

accordance with chapter 53 of title 49 United States Code,

the Intermodal Surface Transportation Efficiency Act of

1991 (Public Law 102-240), the Transportation Equity Act for

the 21st Century (TEA-21), SAFETEA-LU, Moving Ahead for 

Progress in the 21st Century Act (MAP-21) and as amended by

Fixing America’s Surface Transportation (FAST) Act. The

remaining excise taxes are included in a separate account

within the

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts.

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department

of Transportation. Other charges to the trust fund are made

by the Secretary of the Treasury for transfer of certain taxes to

the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund.

In addition, the Secretary of the Treasury is required by

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C.

9503(d)(1) or any determination which he makes pursuant to

26 U.S.C. 9503(d)(2). The congressional committees are the 

Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on Environment 

and Public Works of the Senate.
86 TRUST FUNDS

December 2020

TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and mass 

transit accounts, respectively, include the latest estimates

received from Treasury’s Office of Tax Analysis for excise 

taxes, net of refunds.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .......................................................................................................... 89 

less:

Cash balance (fiscal year 2022)..................................................................................................................................................................................... 3 

Unfunded authorizations (fiscal year 2022).................................................................................................................................................................... 86 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026)........................................................................................................................ 148 

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .......................................................................................................... 32 

less:

Cash balance (fiscal year 2022)..................................................................................................................................................................................... (6) 

Unfunded authorizations (fiscal year 2022).................................................................................................................................................................... 37 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026)....................................................................................................................... 25 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94.

48-month revenue estimate reflects FY 2021 President Budget projections.
87

December 2020

Glossary

With References to Applicable Sections and Tables

Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included.

Average discount rate (PDO-1, -2)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future.

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress.

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.)

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes.

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt.

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.)

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver 

coins.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued.

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually.

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
88

December 2020

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction.

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Par value—The face value of bonds or notes, including 

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.
89

December 2020

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
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